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$1.5 Billion Liquidated as Bitcoin Price Plunges $5000 In Hours

The cryptocurrency market went through a correction today as the total capitalization saw about $90 billion wiped off in a matter of hours. This happened as Bitcoin lost around $5000 of its value while the majority of the altcoins followed through with sizeable losses on their own.

  • The cryptocurrency market was due to a correction, according to many analysts, and it appears that one may have just taken place.
  • Bitcoin lost around $5,000 of its value in a matter of hours, bringing the entire market down with it.
  • Data reveals that this resulted in a whopping $1.5 billion liquidations worth of both long and short positions across the major exchanges over the past 24 hours.
  • At the time of this writing, Bitcoin is trading at around $53,700, down just shy of 7% for the day.
  • CryptoQuant, a popular cryptocurrency monitoring company, took it to Twitter to reveal that “there were significant BTC inflows into all exchanges, mostly Gemini.
All Exchanges Reserve. Source: Twitter
  • Altcoins also suffered across the board. Ethereum is down almost 8%, BNB is down 13%, while Polkadot charted a decrease of about 8.3% at the time of this writing.
Cryptocurrency Market Overview. Source: Coin360
  • It’s interesting to note that XRP remains one of the only major altcoins that is still in the green over the past 24 hours.

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About The Author

George Georgiev

Georgi Georgiev is CryptoPotato’s editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi’s passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn’t looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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