After cresting at an impressive $102,760 per coin, the preeminent cryptocurrency, bitcoin (BTC), has precipitously fallen beneath the $100,000 threshold, reaching a nadir of $97,124 per unit.
Crypto Market Meltdown: Bitcoin and Ethereum Freefall in Epic Tuesday Tumble
This article was published more than a month ago. Some information may no longer be current.
WRITTEN BY
SHARE
Bitcoin Below $100K, Liquidations Liquidate Hopes
Tuesday proved to be a tumultuous day within the realm of digital currencies, with the aggregate market capitalization plummeting by 4.67% to a low of $3.43 trillion.
Bitcoin experienced a decline of 4.16% within the past 24 hours, bottoming out at $97,124 per coin by 10:45 a.m. Eastern Time. Ethereum, in contrast, diminished by 6.75% relative to the U.S. dollar, settling at $3,458 per coin. Ether emerged as the most significant casualty among the top ten cryptocurrencies.
This downturn precipitated a massive purge in the crypto derivatives markets, where approximately $389.08 million in positions vanished. Of this total, $331.22 million were optimistic bets, with $59.62 million of that sum specifically linked to BTC long positions.
Over the past day, data from coinglass.com reveal that 131,967 traders faced liquidation.
About the author
WRITTEN BYJamie RedmanNews Lead
Jamie Redman is the News Lead at Bitcoin.com News and a financial technology journalist based in Massachusetts.
