As the market falls, daily liquidations top $350 billion
Bitcoin and the majority of altcoins turn red after the recent market stalemate.
Ethereum lost all of its recent gains, momentarily falling below $1,500, while Bitcoin reached a multi-week low.
Yesterday was a largely bullish day for the cryptocurrency market, particularly for the altcoins, a number of which recorded spectacular increases.
Possibly fuelled by the Bellatrix upgrade — the final stage prior to the long-awaited Merge – Ethereum surged by double digits to a multiday high of almost $1,650.
Ethereum Classic surpassed $40, representing yet another big gainer.
Unfortunately, Ethereum was unable to capitalize on the rising trend and instead plummeted to a price of around $1,500.
The price of ETC and a few other small and medium-sized alternatives fell by more than 10%.
The number of overleveraged traders that liquidated their positions within a 24-hour period is now just shy of 100,000 as a result of this increased volatility.
The overall amount of destroyed positions is up to $360 billion, with the BTC/USDT trading pair on OKX representing the largest single position.
