Bitcoin’s Massive Price Plunge to $58K Triggered Over $320 Million in Liquidations

Bitcoin’s price movements took a massive turn for the worse in the past 24 hours as the asset plummeted to a 9-day low of just over $58,000.

The altcoins have bled out heavily as well, with notable declines from the likes of ETH, SOL, DOGE, LINK, AVAX, SHIB, and others. The total value of liquidations is well above $300 million.

CryptoPotato reported on Monday morning when BTC’s price challenged $65,000 but failed to maintain its run and was quickly pushed down to $64,000. Tuesday began with less volatility, but the landscape changed later as the cryptocurrency slipped to $63,000.

However, the bears really stepped up in the past 12 hours or so, initiating a serious crash for BTC that drove it to $58,100 (on Bitstamp) – the lowest price level since August 19.

Despite bouncing off and currently trading at $59,500, bitcoin is still 6% down on the day, and its market cap has tumbled from $1.240 trillion to $1.170 trillion.

Bitcoin/Price/Chart 28.08.2024. Source: TradingView

The altcoins have suffered even more. Ethereum has dumped by over 8% and now struggles below $2,500. SOL, DOGE, AVAX, SHIB, BCH, DOT, and LINK have charted losses of up to 8%.

Double-digit price declines are evident from the likes of MATIC, SUI, FET, TAO, and PEPE. The crypto market cap has seen more than $100 billion gone daily.

This volatility has harmed over-leveraged traders, as nearly 90,000 have been liquidated in the past 24 hours. The total value of wrecked positions is north of $320 million. The single-largest order took place on Binance and was worth more than $12.5 million.

Liquidations 24-hour Chart. Source: CoinGlass