Bitcoin Plummets to $38K Leaving Over $700M in Liquidation

Things took a turn for the worse in the past few hours as Bitcoin’s price reversed and dropped to a 6-month low at $38,200 (on Binance). This also leftover $700 million worth of liquidations in the past 24 hours alone.

• Bitcoin’s price tumbled below $40K today, and it reached as low as $38,200 (on Binance). At the time of this writing, the price sits at around $38,600.
• This marks an 8% decline in the past 24 hours, according to CoinGecko, while also charting the lowest price since August 5th, 2021 – a six-month low.
• The rest of the market is also in the red. Ethereum is trading at slightly above $2,800 for a 9.4% decrease.
• BNB dropped 10% to $420, and Cardano is down 10%, trading at $1.23.
• This entire market downturn also left $720 million worth of liquidations in the past 24 hours alone.
• The largest single liquidation order happened on BitMEX. It was an XBTUSD order with a face value of $9.9 million.