When Markets Reverse, $250M In BTC And Crypto Liquidated
The sudden drop in Bitcoin’s price has caused a flood of liquidations across the cryptocurrency markets.
Data from CoinGlass shows that $250 million worth of crypto assets were sold when BTC went from $23,443 to $22,259 in a matter of minutes.
Traders who were long on Bitcoin and Ethereum were hit the hardest, losing a total of $76 million and $40 million.
At the time this article was written, no one knew what caused the crash, but crypto markets continue to face macro headwinds.
Investors are also looking at what might happen if a lot of clients leave the crypto-friendly bank Silvergate. The bank just announced that it will have to do a new audit to figure out how long it will last after FTX went bankrupt.
Credible Crypto, a trader and analyst who uses a fake name, says that BTC has hit low time frame support at $22,243 and needs to hold the line to stop falling further.
“There is our drop to low time frame support as expected. Now bulls have to make a stand here.
If they fail to, then my downside target will be met sooner rather than later… I will also add that until/unless we break the lows at $21,373 I lean bullish (green path).”
