Mass Liquidations Hit 210,000 Traders as Bitcoin and Altcoins Slump Again: Market Watch

The total crypto market cap has lost more than $100 billion daily.

Bitcoin’s impressive price recovery that began this weekend has stalled as its value fell by more than $4,000 after being rejected at $116,000.

The altcoins have delivered even more painful declines within the same time frame, including double-digit corrections by the likes of BNB, MNT, ZEC and others.

BTC drops to $112,000

The previous business week ended with one of the worst crashes in recent crypto history, after US President Donald Trump threatened China with a new set of tariffs on certain products. BTC went from $122,000 before the declaration to $110,000 before a massive wave of liquidations hit it even harder, dropping to $101,000 on some exchanges like Binance.

After this flushout, the cryptocurrency rebounded and rose above $110,000 last weekend. The price continued to rise on Sunday and Monday, reaching $116,000. So it had recovered $15,000 from the bottom in just a few days.

However, the bears showed up again on Tuesday morning. BTC was held back by that resistance and pushed south by more than four grand, dropping below $112,000 earlier today. It is currently hovering around that level as the market cap has fallen further to $2.235 trillion on CG.

The dominance of the altcoins has regained some traction since yesterday and now stands at 57.5%.

Alts are bleeding out

The altcoins have been hit even harder in recent hours. The recent high-flyer BNB, which hit a new all-time high yesterday, has tumbled over 11% and is poised to break below $1,200 as of now. MNT and ZEC are the other daily double-digit losers.

Ethereum fell to $4,000 after a 4% decline, XRP has fallen below $2.5 after a 6% decline, while DOGE has fallen to $0.20 after a 5.25% decline. Further losses are clearly visible at ADA, HYPE, XLM and many others.

This substantial volatility has again wreaked havoc on over-indebted traders, as the total number of bankrupt market participants on a daily scale exceeds 210,000. The total value of liquidated positions has risen to $630 million on CoinGlass.