How low can it go? Over 180,000 traders wiped out as Bitcoin falls to $38.2k
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There’s been more than 180,000 crypto derivatives positions liquidated in the past 24 hours as Bitcoin and other token prices plunge through the floor.
By 4.05pm AEDT, 182,882 positions worth a face value of $US712.24 million had been liquidated, according to Coinglass. That’s the most since December 4, when $1.58 billion was wiped out in a Bitcoin flash crash.
The biggest position liquidation had been on Bitmex and had a face value of $US9.9 million.
— Bullyxbt.eth (@BULLYXBT) January 21, 2022
On Twitter, some saw the number of liquidations as actually low, considering the volatility cryptos were experiencing.
At 4.05pm AEDT, Bitcoin was changing hands for just US$38,800 and earlier this afternoon hit $38,220, its lowest level since August.
Kiwi crypto influencer Lark Davis posted that Bitcoin might find support at $37,000, as it did in early August.
Others thought it could go even lower.
Bitcoin bottom is $29,000. The head and shoulders pattern has to play out before we head to the moon lol
— Filiti D Toafa (@DToafa) January 20, 2022
The overall crypto market was down 7.5 per cent to $1.83 trillion, its lowest level since September.
About two dozen of the top 100 coins had fallen by double digits. Secret Network was down 20 per cent, Loopring by 15 and Nexo by 13.