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.
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.
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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