Over $8 Billion Liquidated in a Day as Bitcoin Plummets to $30,000

The enhanced volatility in the crypto market continues to harm leveraged traders as the liquidations in the past 24 hours are more than $8 billion. Naturally, roughly 90% of all liquidations came from long positions.

• It’s safe to say that the cryptocurrency market has seen better days. The entire capitalization saw around $900 billion evaporated in the span of a week.
• It all started with Elon Musk’s statement asserting that Tesla had stopped receiving bitcoin for its electric vehicles. However, the negative news continued yesterday, this time from China, leading to a massive disruption in the 2021 bull cycle.
• The world’s most populated nation reiterated its previous negative stance on the crypto industry, which only gave the bears more control.
• In the past 24 hours alone, bitcoin dumped below $40,000 for the first time since early February. Although this was a massive double-digit dump on its own, the bears kept the selling pressure on and BTC kept heading south to $30,000.

• The altcoins have it even worse, with ETH dropping below $2,000, BNB going down beneath $300, and so on.
• Naturally, these enhanced fluctuations brought enormous pain for leveraged investors. Data from Bybt shows that the total liquidations is rapidly growing and is over $8 billion as of writing these lines.
• Roughly 90% of all trades in the past 24 hours came from long positions. Interestingly, the largest single liquidation order happened on Huobi and involved the primary cryptocurrency. The unfortunate trader lost almost $70 million.