Crypto Bloodbath Liquidates $640 Million in the Past Day

The crypto bloodbath continues as Bitcoin dipped below $54,000 with the rest of the market following its lead.

This week was really rough for the crypto market with the start of a major sell-off and most cryptocurrencies crashed to multi-month lows.

Bitcoin (BTC) in particular dipped to $53,700 and Ethereum (ETH) lost the $3,000 level.

The market’s total cap declined by 6.95% to $1.98 trillion, singaling a potentnial short to mid-term bearish scenario.

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Panic selling began after the German government started selling large amounts of Bitcoin from their wallet. The Mt.Gox repayment plan and the expected sell-off also fueled investors’ fear.

In the past 24 hours liquidations peaked at $637,69 million with $540.51 million in longs and $97.29 million in short positions.

At the time of writing Bitcoin is trading at $54,400 and Ethereum is priced at around $2,870.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.