After the quiet weekend, in which BTC ($99,612.07) stood primarily around $105,000, the asset’s price movements have turned sour, and it slumped to a weekly low of under $100,000.
The altcoins have bled out even more heavily, with massive price declines from the likes of DOGE ($0.32), XRP ($2.89), ADA ($0.90), SOL ($227.93), and many others.
BTCUSD. Source: TradingViewSimilar to the previous Monday, this one has started quite painfully for the crypto market. As reported over the weekend, bitcoin had calmed at around $105,000 with little to no movements over a 36-hour period.
However, the Monday morning Asian trading session began with a nosedive that pushed the largest digital asset from its aforementioned level to a weekly low (for now) of $99,700.
This 5% daily drop has harmed the cryptocurrency’s market cap, which has plunged below the coveted $2 trillion mark.
The altcoins have felt even more substantial pain within the same period. ETH ($3,106.66), which challenged $3,400 a few days ago, has dropped by 7% in a day to $3,100.
XRP has slumped below $3 for the first time in a few weeks, BNB ($649.75) is down to $650, ADA has plunged to $0.9, and LINK ($23.33) is at $23. More substantial declines come from the likes of SOL, DOGE, SUI, PEPE, HBAR ($0.31), SHIB ($0.00), LTC ($111.75), APT, AAVE ($298.67), and others, as all of them are with double-digit losses.
CoinGlass’ data paints a violent picture of the aforementioned volatility. The total value of wrecked positions has shot up to well above $600 million on a daily scale and $560 million within the past 12 hours alone.
Nearly 230,000 traders have been liquidated, while the largest single wrecked position is a whopping one of $98.46 million. It took place on HTX and involved the BTC/USDT ($1.00) pair.
Liquidation Heat Map. Source: CoinGlassThe post Bitcoin’s Plunge Below $100K Wipes Out a Single Whale for $100M appeared first on CryptoPotato.
