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Coinglass data reveals that over $1.2 billion was liquidated in the last 24 hours as Bitcoin and Ethereum fell below $21,000 and $1,100 respectively.
Bitcoin, the world’s most priced crypto, plunged to $20,950 before bouncing back to $22,522. During the last 24 hours, the star performer cryptocurrency lost approximately 14% of its value.
Ethereum also suffered the same fate as it fell to $1,094 before bouncing back to $1,227. It lost almost 8% in the last 24 hours. Coinglass data reveals that over $10.54 million was liquidated in the previous one hour alone.
The 24-hour liquidation stands at $1.26 billion. It is estimated that approximately 253,166 traders liquidated during the period. The highest single liquidation happened on Bitmex, which was valued at $4.46 million.
Comparing different cryptocurrencies in the last 24 hours, Bitcoin was the worst hit and faced the highest liquidation with over $611.8 million. Ethereum followed it with a staggering $465.27 million liquidation.
The crypto space is in an unfavorable climate yet again. On Monday, crypto-assets took a beating as trading platforms like Celsius and Binance halted withdrawals, and other businesses sacked their staff.
Because of “extreme market conditions,” Celsius stated that the platform would pause withdrawals, swaps, and transfers between accounts. The action was intended to “stabilize liquidity and operations.”
Binance also suffered as the exchange halted Bitcoin withdrawals for three hours due to a transaction getting stuck, causing a backlog.
Worst of all, crypto companies like Crypto.com, Gemini, Coinbase, and BlockFi added to the crisis as they laid off a portion of their staff. Some companies even halted hiring. The firms stated that extreme market conditions were the primary reason for the mass layoff.