Despite the rally over the past few weeks, the cryptocurrency took a hit today. Bitcoin is down more than 5%, down by $20,000.
The 24 hour liquidation total was approximately $360 million.
- The recent rally raised many hopes that the crypto winter might be coming to an end, but that would not have been the case.
- Today, the market is painted red, with the majority of cryptocurrencies posting significant declines. This resulted in the liquidation of approximately $400 million from both long and short positions.
- The original FTX token (FTT) is the worst at the time of writing and is down around 19%. This comes as a result of Binance’s promise to liquidate its holdings of FTT and sparking an argument between Changpeng Zhao and Sam Bankman-Fried.
- Bitcoin also had a huge success, dropping below the $20K level for the first time in two weeks.
- Altcoins are not in better shape, with Ether and XRP down around 6%.
- The situation is even worse when looking at memecoins. Elon Musk’s favorite token – Dogecoin (DOGE) – has lost more than 12% of its value, while Shiba Inu (SHIB) is down about 8%.
- At the time of writing, the global cryptocurrency market cap is around $1.02 billion, showing a 5% drop in the past 24 hours.
Nearly $400 million was posted in liquidations as BTC Drops below 20K debuted on CryptoPotato.