Yesterday’s brief surge in the market quickly fizzled out, leading to another downturn across the board. Bitcoin and Ethereum both fell to their lowest monthly levels before witnessing a slight recovery.
This downturn triggered approximately $200 million in liquidations among traders who were over-leveraged, with the largest single position losing nearly $3 million.
CryptoPotato noted yesterday the slight gains observed in most cryptocurrencies, including Bitcoin nearing $60,000 for the first time in several days, while Ethereum rallied to around $2,550.
However, the market sentiment has shifted today, potentially influenced by anxiety in the U.S. stock markets, as previously mentioned.
Bitcoin was unable to reach the $60,000 mark and instead dropped further, hitting $55,600 (on Bitstamp). This price level hasn’t been seen since the crash in early August.
Ethereum also took a significant hit, dropping over $200 in just one day, from nearly $2,550 down to $2,300. Although it has recovered to around $2,370, the second-largest cryptocurrency is still down by 5.5% for the day.
The situation for altcoins is even more severe in some cases. For instance, TON has decreased by 8%, NEAR has dipped 7%, and ADA, SOL, and AVAX have all fallen by 6%.
As a result, more than 73,000 traders who were overly leveraged have faced losses within the last day, with the total liquidation amount nearing $200 million, as reported by CoinGlass.
The largest liquidation occurred on Binance, amounting to nearly $3 million, involving the ETH-USDT trading pair.
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