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Bitcoin drops below $30,000, liquidating more than $500 million

Bitcoin drops below $30,000, liquidating more than $500 million

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Answer Bitcoin drops below $30,000, liquidating more than $500 million

Bitcoin’s rally earlier this week appears to be short-lived.

The top cryptocurrency fell again below $30,000, causing more than half a billion dollars to be liquidated from leveraged trades and positions in the last 24 hours.

According to BitStamp data, the price of Bitcoin held steady at around $31,781 as of around 14:00 UTC on Wednesday.

Over the next three hours, the price quickly dropped to $29,967, but quickly recovered back above $30,000, halting its decline temporarily.

After that, the price retreated from the important psychological support level ($30 thousand) and quickly dropped to $29366 in just 5 minutes.

It has since rebounded a bit, reaching $29,657 at the time of writing.

Read:Dogecoin co-founder: Luna 2.0 project will attract stupid crypto gamblers

The collapse of Bitcoin has left long-term traders throughout the cryptocurrency market in disarray.

Show data fromQueen GlassMore than $88 million has been liquidated in the past hours and $587 million has been liquidated in the last 24 hours.

Most of the $350 million in liquidations occurred in bitcoin trades, with relatively smaller amounts of altcoins being liquidated.

Altcoins have performed worse than Bitcoin in the past 24 hours, with large altcoins like Ethereum and Cardano dropping 8.44% and 9.57% respectively.

Meanwhile, Solana’s price collapsed by a whopping 11.66%, possibly due to a network outage of more than 7 hours which has yet to be resolved by auditors.

We previously mentioned in Bitcoin Arabs that Bitcoin closed its ninth consecutive negative weekly candle on Monday.

As usual in bear markets, bitcoin’s dominance in the market is increasing.

The last liquidation event of this magnitude occurred in mid-May when more than $1.2 billion was liquidated within a single day as Bitcoin reached a record low below $26,000.

Read:3rd largest bitcoin whale buys dip and adds $24 million worth of bitcoin to his wallet

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