Another Bitcoin bloodbath

Another Bitcoin bloodbath liquidates $102 million in the crypto market

Another Bitcoin bloodbath liquidates $102 million in the crypto market. Flagship currency went below the $42k level taking ETH below $3250, according to the CoinGlass.

Another Bitcoin bloodbath liquidates $102 million:

Crypto market witnesses another Bitcoin bloodbath. After a month of consolidation around $50k, BTC took a nosedive and went below the $42k level. All of the indicators are defining the whole market as bearish. The volatility of the flagship currency took the whole market down. According to the data from CoinGlass, BTC went to a level of $41,300 and ETH dropped to the $3,201 price mark. All of this happened in a matter of 30 minutes.

The data suggests that the futures trades of BTC and ETH worth $102 million were liquidated in 30 minutes. That has pushed Bitcoin to the $41,300 level (the current price is $41,578) and made Ethereum drop to $1,148 (ETH is currently trading at $3,201, having recovered a tiny bit). Liquidated Bitcoin positions totaling $$40 million and $42 million were liquidated in Ethereum contracts.

Another Bitcoin bloodbath

Chinese crypto journalist, Colin Wu, shared these statistics on his Twitter handle. Federal Reserve announced an interest rate hike and another Bitcoin bloodbath happened. Another reason for this bloodbath can be the drop of BTC hashrate. BTC hashrate plunged to a low level due to the internet shutdown in the second biggest mining hub, Kazakhstan.

Read more here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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