Over $370M Liquidated in a Day as Bitcoin Price Slumps to $28K

The number of liquidated traders has neared 100,000 on a daily scale as the total value of liquidations skyrocketed to over $350 million in the same timeframe. This comes as BTC and the rest of the market have plunged once again.

• As CryptoPotato reported, the past week or so was quite calm in terms of trading for bitcoin and the altcoins. The primary cryptocurrency stood around the $30,000 mark with a few attempts to overcome that level but to no avail.
• Each rejection was met with a minor retracement that ultimately drove the asset back down to just under $30,000.
• However, the situation worsened in the past 24 hours. BTC started dumping hard and just a few hours ago went all the way down to $28,000. This became its lowest price point since the previous massive crash on May 13.
• The altcoins are suffering even more. Ethereum is 10% down on the day and struggles below $1,800 after touching $2,100 two days ago. Binance Coin is down to $300, while Solana, Polkadot, Avalanche, NEAR Protocol, Chainlink, and quite a few others have declined by double digits.

• Somewhat expectedly, this enhanced volatility has caused pain for over-leveraged traders, according to data from Coinglass.
• The overall liquidations are up to $370 million as of writing these lines on a 24-hour scale. The number of liquidated trades is just shy of 100,000. The most substantial individual loss came on OKX (worth $3 million), and it involved the trading pair – ETH/USDT.