Things in the cryptocurrency market are looking increasingly bad as the price for bitcoin just crashed below $30,000.
- Bitcoin’s price is currently trading below $30,000.
- This hasn’t happened in months as the last time we saw these levels was in January 2021.
- Other cryptocurrencies are also following suit with most of the altcoins charting double-digit declines on the weekly.
- This has also led to almost $800 million worth of liquidated positions across the major exchanges over the past 24 hours.
- The largest single liquidation order happened on Bybit. It was a Bitcoin position with a face value of $5.4 million.
- Not surprisingly, the majority of liquidations came from long positions. In the past hour alone, around 94% of the longs were wiped off.