Over $370M Liquidated in a Day as Bitcoin Price Slumps to $28K

Over $370M Liquidated in a Day as Bitcoin Price Slumps to $28K

The number of liquidated traders has neared 100,000 on a daily scale as the total value of liquidations skyrocketed to over $350 million in the same timeframe. This comes as BTC and the rest of the market have plunged once again.

As CryptoPotato reported, the past week or so was quite calm in terms of trading for bitcoin and the altcoins. The primary cryptocurrency stood around the $30,000 mark with a few attempts to overcome that level but to no avail.
Each rejection was met with a minor retracement that ultimately drove the asset back down to just under $30,000.
However, the situation worsened in the past 24 hours. BTC started dumping hard and just a few hours ago went all the way down to $28,000. This became its lowest price point since the previous massive crash on May 13.
The altcoins are suffering even more. Ethereum is 10% down on the day and struggles below $1,800 after touching $2,100 two days ago. Binance Coin is down to $300, while Solana, Polkadot, Avalanche, NEAR Protocol, Chainlink, and quite a few others have declined by double digits.

Cryptocurrency Market Overview. Source: Quantify Crypto

Somewhat expectedly, this enhanced volatility has caused pain for over-leveraged traders, according to data from Coinglass.
The overall liquidations are up to $370 million as of writing these lines on a 24-hour scale. The number of liquidated trades is just shy of 100,000. The most substantial individual loss came on OKX (worth $3 million), and it involved the trading pair – ETH/USDT.

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