Most other altcoins like BNB and XRP have joined the drive south, with massive declines of their own.
Bitcoin hasn’t been able to catch a break in recent days, marking consecutive multi-month lows, last minutes ago at well below $67,000.
The last time the cryptocurrency traded at such low levels was in early November, just as the US presidential election took place and the country elected so-called ‘crypto president’ Donald Trump.
The past few weeks have been brutal for BTC. Just eight days ago, last Wednesday, it challenged $90,000, but the rejection at that level brought unimaginable pain to the market leader and most altcoin followers.
Bitcoin first fell to $81,000 last Thursday and then continued south to below $75,000 over the weekend, but the bears kept the pressure on. The past few hours have also been violent, with BTC plummeting to $66,900 (at the time of writing). This means the asset has lost over $20,000 in just over a week.
The altcoins have not been spared. ETH continues its massive decline, with another 9% daily drop below $2,000 – its lowest level since last April. BNB is down 10% to $660, while XRP is down as much as 15% to $1.32 in the last 24 hours alone.
Further losses are clearly visible in companies like ZEC (-19%), MORPHO (-14%), NEXO (-14%), XMR (-12%), LEO (-12%), SUI (-11%) and many others. It is no wonder that over-indebted traders have been seriously harmed.
CoinGlass data shows that 24-hour liquidations have risen to more than $1.3 billion. In the last hour alone, the positions destroyed amounted to $350 million. The number of traders wiped out amounts to almost 300,000 per day, with the largest position being taken on Aster, which was worth over $11 million.
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