The major cryptocurrency bitcoin’s price fell once again, from roughly USD 35,000 to around USD 33,000. Traders saw a lot more distress when the market fell to a new six-month low.
Bitcoin’s fight in bear market:
- Earlier this morning, CryptoPotato stated that bitcoin was trying to stay over USD 35,000 after failing to break beyond USD 36,000 yesterday.
- However, bitcoin rapidly lost that fight within hours and fell down by more than USD 2,000. It reached its lowest price mark since late July, just under USD 33,000.
- However, within a few minutes, BTC quickly rebounded to about USD 34,000. On Thursday, bitcoin climbed above USD 43,000. This signifies that the asset has lost nearly USD 10,000 of its value in four days.
Situation of other coins and investors:
- The problem is the same with other cryptocurrencies. After surpassing USD 2,500 yesterday, Ethereum has dropped to USD 2,250, while Solana, Binance Coin, Polkadot, Cardano, Avalanche, Shiba Inu, and many more coins have dropped by double digit percentages. The situation was somewhat predictable as it was a result of the increased volatility in a brief span of time.
- According to Coinglass statistics, liquidations have risen to more than USD 100 million within hours since bitcoin’s current drop began. The liquidations are valued at about USD 200 million on a 4 hour scale.
- Over 100,000 traders have been knocked out in the last 24 hours, with the single highest liquidation order on Bitmex valued at USD 6 million.