Over $400M in Liquidations as BTC Slumps to 13-Day Lows, SHIB and DOGE Plummet by 13%
The crypto market has turned red again, with multiple double-digit losers.
Bitcoin’s price has been on the decline for the past several days and the landscape worsened earlier this morning when the asset fell to a 13-day low of under $64,500.
The altcoins are in even worse shape, and the total liquidations have skyrocketed to more than $400 million on a daily scale.
As the chart above shows, the last time Bitcoin had such a price tag was after it broke the 2021 ATH of $69,000 and dumped hard by about ten grand in hours. In the next week or so, the cryptocurrency went on a roll , shot above $70,000, and reached a fresh peak of nearly $74,000 last Thursday (March 14).
Since then, though, the asset has failed to continue or keep its momentum going. It dumped by more than $8,000 on Friday and failed at overcoming $70,000 during the weekend.
The start of the current business week saw another decline on Monday, followed by an unsuccessful recovery attempt. The last 24 hours brought even more pain as BTC dumped to $64,400 for the first time since March 6.
The alternative coins have suffered as well, with ETH dropping to under $3,400. SOL , which surpassed BNB as the fourth-largest cryptocurrency yesterday, is down by 9% and sits at $185. BNB itself has shed 8% of its value and trades below $530.
The two largest meme coins – DOGE and SHIB – have both dropped by 13% in a day to $0.13 and $0.000025, respectively.
This has resulted in a lot of pain for over 175,000 traders, which have been liquidated in the past day. The total value of wrecked positions is well over $400 million, with longs responsible for the lion’s share.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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