Massive Bitcoin Price Drop to $58,000 Leads to Over $320 Million in Liquidations

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

Altcoins have also bled heavily, with notable declines in ETH, SOL, DOGE, LINK, AVAX, SHIB and others. The total value of the settlements is well over $300 million.

CryptoPotato reported on Monday morning when the price of BTC challenged $65,000, but failed to sustain its run and quickly declined to $64,000. Tuesday began with less volatility, but the picture changed later as the cryptocurrency fell to $63,000.

However, the bears really rallied in the last 12 hours, starting a severe BTC crash that took it to $58,100 (on Bitstamp), the lowest price level since August 19.

Despite bouncing back and currently trading at $59,500, bitcoin is still down 6% on the day and its market cap has dropped from $1.24 trillion to $1.170 trillion.

Bitcoin/Price/Chart 28.08.2024. Source: TradingView

Altcoins have suffered even more. Ethereum is down more than 8% and is now struggling below $2,500. SOL, DOGE, AVAX, SHIB, BCH, DOT and LINK have recorded losses of up to 8%.

Double-digit price drops are evident from MATIC, SUI, FET, TAO and PEPE. The crypto market capitalization has received more than $100 billion daily.

This volatility has hurt over-leveraged traders as almost 90,000 have been liquidated in the last 24 hours. The total value of the destroyed positions is around 320 million dollars. The largest order took place on Binance and was worth more than $12.5 million.

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