Bitcoin and Altcoins Face Severe Decline as Liquidations Exceed $1.1 Billion
Bitcoin's sharp drop continues as major altcoins experience significant losses, prompting over $1.1 billion in liquidations.
Bitcoin’s decline that began earlier today persisted, dropping to a two-week low just over $105,000. Other altcoins faced even harsher conditions, with BNB below $1,000, ETH down over 6%, and SOL plunging over 8%.
BTCUSD
BTCUSD. Source: TradingView
Earlier reports indicated that BTC was initially rejected at $111,000 and subsequently fell to $107,000. Although it stabilized and peaked at $108,000, a further plunge occurred, bringing it down to $105,300 (on Bitstamp).
Over-leveraged traders were severely impacted, leading to more than $300 million in liquidations for BTC alone. Some high-profile traders faced liquidation as well; reports suggest that Machi Big Brother lost over $15 million, and another trader, known for a 100% win streak, recorded a total loss of $17.6 million.
The 100% win streak is over — trader 0xc2a3 has surrendered. He closed all his BTC longs and part of his ETH and SOL longs at a loss. His total P&L has flipped from +$33M to –$17.6M. Source.
Most altcoins have similarly suffered, with significant falls noted among the likes of ASTER (-20%), WLFI (-12%), APT (-12%), PEPE (-11.3%), and WLD (-11%).
The total liquidation amount has soared to over $1.1 billion, as shared by CoinGlass data, with more than 300,000 traders affected. The most considerable singular liquidation happened on HTX, amounting to nearly $34 million.
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