The price of Bitcoin dropped over $1,000 in a flash crash. Altcoins also experienced a sharp drop in price following Bitcoin.
To Report With the fall in the price of Bitcoin and altcoins, CryptoPotito has liquidated more than 400 million dollars on a daily basis, and the volume of liquidation by exchange users has reached about 200 million dollars in the last hour.
The Bitcoin price chart was also under pressure shortly before the recent fall, and yesterday the price hit its weekly low of $23,200 and remained in that range for most of the past trading day.
However, the last few hours have seen a sharp drop in the Bitcoin price chart. The price first reached the level of $22,800, and then it dropped again to the level of $21,500 on the Bitstamp exchange. This second drop caused us to see the lowest price of Bitcoin in more than 3 weeks.
Currently, the price has fallen again after a slight recovery to the $22,000 level. Altcoins have not had a good day at all and the price chart of most of them has turned red.
Ethereum is trying to maintain its minimum level of $1,730 with a 5% decline. The rest of the altcoins have experienced a more terrible fall and the price reduction percentage of many of them has reached 2 digits.
Within a few hours, digital currencies such as Olench, Shiba Inu, Polkadat, Dogecoin, Solana, Cardano and Polygon lost more than 15% of their value.
This extreme price volatility has affected futures traders, who use leverage in their trades, more than spot traders. On a daily scale, the liquidation volume of these users has exceeded 400 million dollars and in the last hour it has reached about 200 million dollars.
Data from Coinglass indicates that the total number of liquidated traders is around 150,000, and the largest liquidated order occurred on Binance and Ethereum.