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Bitcoin’s Overnight Drop Leads The Coin Below $35,000

Stefan by Stefan
23/01/2022
in Bitcoin News
Reading Time: 2 mins read
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Bitcoin’s Overnight Drop
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Bitcoin’s overnight drop leads the coin below $35,000 as the crypto market crash worsened over the weekend so let’s read more today in our latest Bitcoin news.

Bitcoin continued dropping overnight and dropped below $35,000 to a low of $34,420 on CoinMerkoCap before starting a new rebound on Saturday morning. It is still down by 10% over the past day according to CMC and it is now priced at just under $35,000. Bitcoin’s 24-hour low of $34,020 saw the crypto crash to levels not seen before in six months. After hitting a new high on November 10 in 2021 of $69,000, Bitcoin’s overnight drop led the coin to a new low only prolonging its sell-off from the recent weeks.

btcusd
BTCUSD. Source TradingView

And it is not just Bitcoin. Ethereum as the second biggest crypto by market cap is also suffering. The price has taken a 15% hit in the past 24 hours and traded just under $2400 at the time of writing. Etheruem just like Bitcoin is well off from the ATH that it touched back in November of $4878 by 49% and other popular tokens that run on the Ethereum network haven’t been able to avoid the sell-off in the past day. Shiba as the 16th coin by market cap is down by 24% in the past day while Chainlink and other ERC-20 tokens are down by 20%.

In the meantime, Ethereum competitor Solana had a strong surge last year and entered the top 10 cryptos by market cap but now it is down by 23% in the past day and it is trading under $94.

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crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, The recent market correction doesn’t seem to be a one-time thing since the entire crypto space was covered in red once again. The over-leveraged traders continue to get liquidated with about $700 million in the past few hours. The reports show that the market crash led bitcoin to drop by $5000 in one day to a six-month low at $38,000. the altcoins fared even worse with ETH losing the coveted $3000 price point. As a result, the liquidations are on the rise again and the data shows that more than $680 million were liquidated in the past 12 hours and the number got closer to $1 billion. In total, 270,000 traders were liquidated in the timeframe with the largest single order that happened on Bitmex and was more than $9 million.

 

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bitcoin dropbitcoin pricebitcoin's overnight dropbtc dropbtc pricefeaturedmarket analysis
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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