Bitcoin’s failure at $32,000 dragged other altcoins down with it, causing another market-wide downturn. As a result, the number of liquidated dealers increased dramatically.
- The cryptocurrency market had a really good day yesterday, with bitcoin leading the way after a jump to around $32,000. Altcoins saw significant gains as well, with Solana and Cardano leading the way.
- However, as has been the case multiple times in recent weeks, it turned out to be a false breakout. Instead of continuing north, BTC plunged by over $3,000 in just hours, reaching a low of $29,000.
- SOL, BNB, ADA, AVAX, and a slew of other cryptocurrencies have all lost double-digit percentages in a single day.
The total market capitalization of all crypto assets has dropped by $90 billion in a day to just over $1.2 trillion.
According to Coinglass, this increased volatility has liquidated around 80,000 traders in the last 24 hours. The entire cost of the ruined positions exceeds $200 million.