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Market

Market Chaos: Over $600 Million Liquidated As Bitcoin Drops To $18k

June 19, 2022 - Around 2 mins mins to read

The crypto market is in turmoil again and liquidations have skyrocketed to over $600 million in the past 24 hours.

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Market overview June 19

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Total Crypto Liquidations 24H. Source: Coinglass

Total market capitalization is only 797 billion USD

Despite market volatility and BTC falling below investor expectations, the greed & fear index remained stable at 6.

The market deteriorated when stETH lost its peg, leading to a series of token price drops, large hedge funds facing “bankruptcy”. The liquidation value and the number of traders destroyed are increasing.

After a rough week in which BTC lost around $10,000 in value and plummeted to just over $20,000, the weekend begins on another negative note.

The main cryptocurrency BTC lost the $20,000 mark and even dropped below the 2017 ATH on the morning of June 19 and has not been able to recover as of this writing. Moreover, it even dropped to $18000 a few hours ago.

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Source: Tradingview

Altcoins suffered even more, with many obvious double-digit losses like ETH, AVAX, BNB, and more. In fact, Ethereum also lost a round number milestone, falling below $1,000.

The entire crypto market capitalization has seen almost $100 billion gone since Friday night and is now just over $800 billion.

This increased volatility has resulted in a lot of difficulties for traders using excessive leverage. Data from Coinglass shows that the number of traders liquidating north is 160,000 on a daily scale.

In the past 24 hours, the amount of liquidation has increased to 572 million USD from more than 150 thousand traders (the rate of choosing Long accounts for 65%).

Bitcoin positions account for almost half of all liquidations ($300 million) and ETH comes in second with $200 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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