Liquidations on the crypto market almost reached $1 billion
The last day has been extremely unsuccessful for trading in the crypto market, and the total liquidation volume has reached almost $1 billion.
After the new FUD came from China, some traders began to dump their assets at an enviable speed. As a result, BTC dropped below the $32,000 mark on Binance, and Ethereum joined it, reaching below $2,000.
History repeated itself again. As soon as China began to take new restrictive measures against all digital currencies, the main cryptocurrency on the market became very sick. Along with it, the altcoin market began to fall, many of which reached a two-week low. Against this background, the market capitalization lost over $120B in just a couple of hours.
Those traders who used leverage felt particular pain from the fall in rates, since now they have to wait until the best time to at least compensate for what they have already lost, if they have not gone into negative at all.
According to Bybt, the total liquidation of digital currencies per day increased to almost 1 billion, of which about 50% fell on transactions involving Bitcoin. At the same time, the largest liquidation among altcoins was in EOS tokens.
One of the traders shared his sadness on social networks, saying that due to the fall in the EOS rate by 15% in a day, he lost more than $6M on the Huobi crypto exchange.
Meanwhile, members of the crypto community are still wondering if China's measures are just an attempt to “knock down” the value of a new asset class on a global scale, expecting a quick return of the positive trend.
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