Bitcoin liquidity soars to over $ 300 million while BTC falls below $ 55,000

Bitcoin liquidity soars to over $ 300 million while BTC drops below $ 55,000 and the rest of the market turns red too. So let’s read more today on our latest bitcoin news.

Bitcoin plunged several thousand dollars to a six-week low below $ 55,000 within a few hours, and most of the crypto market experienced an increasingly extreme crash, which is why the liquidation of Bitcoin rises to $ 300 million. It took the major cryptocurrency a day to surpass $ 59,000 and reach $ 60,000 for the first time in a few days, but as with other attempts, it failed to challenge the desirable levels. In contrast, BTC fell to $ 58,000 where it stayed, but when reports of a new variant of the COVID-19 virus surfaced, the asset’s price began to fall.

In an hour, BTC lost more than $ 3,000 in value, falling below $ 55,000 for the first time since October, and the whole situation in the market is similar, and possibly even worse, when ETH drops to $ 4,100, which is one daily decrease of 5%. Polkadot, DOGE, Solana, CRO, Litecoin, Avalanche, and Ripple all lost around 10-15% of their value over the past day. The expected volatility has been painful for leveraged traders, and on-chain data shows liquidations climbed to over $ 300 million in an hour and over $ 600 million in daily volumes. The largest single liquidation order was on byBit and was worth $ 12 million, in which ETH was also involved.

As recently reported, Bitcoin’s volatility persisted for the past day, but the asset has fallen below $ 57,000 with most of the altcoins in the green. However, the CRO token is up 25% and marks a new all-time high after a double-digit price hike. It can be assumed that native cryptocurrencies are one of the best in the industry. Driven by partnerships and strategic development, CRO has risen from $ 0.2 to a new high of $ 0.94 in less than a month. Just on the last day, CRO was up 25% and is now at 12^NS largest cryptocurrency with a market capitalization of $ 24 billion. Crypto market cap grew around $ 50 billion in one day and is now over $ 2.7 trillion on CoinGecko. The bears returned Monday, pushing Bitcoin south again, but this time to $ 57,000. The bulls blocked the move and subsequently took the asset above $ 59,000, but the surge was short-lived.