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Crypto Carnage Continues: BTC, ETH, XRP Plunge Further as Liquidations Top $1.1B

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Bitcoin’s nosedive that started earlier this morning continued in the past hour or so as the asset plunged to a two-week low of just over $105,000.

The altcoins were obliterated once again, with BNB slumping below $1,000, ETH dropping by over 6%, and SOL plunging by over 8% daily.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

CryptoPotato meldt the first wave of BTC declines that transpired earlier today when the cryptocurrency was rejected at $111,000 and slumped by roughly four grand to $107,000. It managed to stabilize there at first and even tapped $108,000 before the bears initiated another leg down an hour ago, pushing the asset south to $105,300 (on Bitstamp).

This multi-week low harmed over-leveraged traders, as the total longs liquidated for BTC alone are worth over $300 million on a daily scale.

Even whales with impeccable records up to this point were wrecked. Lookonchain meldt that Machi Big Brother has been fully liquidated, marking a total loss of over $15 million. Another trader – 0xc2a3 – that had a 100% win streak until today has “surrendered,” closing BTC, ETH, and SOL longs at a loss. Their total P&L went from over $33 million to -$17.6 million.

Most altcoins have suffered even more in the past 24 hours, led by double-digit declines by ASTER (-20%), WLFI (-12%), APT (-12%), PEPE (-11.3%), WLD (-11%), ARB (-11%), and several others.

Even the larger caps were not spared. Ethereum slipped below $3,600 earlier today, BNB trades below $1,000 as of press time, XRP has lost the $2.40 support, while SOL has dumped below $170 after an 8% drop.

The total value of wrecked positions has skyrocketed to more than $1.1 billion, according to CoinGlass data. In total, more than 300,000 traders have been liquidated, with the single-largest position taking place on HTX, which was worth almost $34 million.

Liquidation Data on CoinGlass
Liquidation Data on CoinGlass

De post Crypto Carnage Continues: BTC, ETH, XRP Plunge Further as Liquidations Top $1.1B verscheen eerst op CryptoPotato.

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