$670 Million Worth of BTC Orders Liquidated in Last 24 Hours
Liquidation volume hits new highs as Bitcoin plunges by more than 10% in one day only. Read the full article by: Arman Shirinyan
Key Points:
It is officially Black Friday and crypto traders are definitely going to be looking to take advantage of the discounts we are seeing today. While we were asleep the market took a bit of a nosedive and it could be again due to over leveraging. With Bitcoin dropping below $54,000 and alt-coins getting hit even harder it is worth looking at the global market conditions to see if there is any correlation.
In the last 24 hours there has been $670 million worth of liquidations and is getting higher by the hour. The largest liquidation to a single person was on Huobi exchange with a value of $16 million. As well as being over leveraged fears of Covid-19 have started to resurface causing a current global market correction. Work is still hard to come by as well and the price of any good continues to increase so we may be seeing the start of a bearish market for the time being.
This is similar to what happened back in May of this year when we saw a Bitcoin drop about 50%. It will be interesting to see what will happen with the market in the near future especially now that social sentiment is down and traders in a bit of panic.
