Over $350M in Liquidations Daily as Bitcoin Dumped Below $19K

The liquidations on a daily scale are on the rise once again after the recent market stagnation as BTC, and most altcoins turned red.

Ethereum erased all of its recent gains, dipping below $1,500 briefly, while BTC saw a multi-week low.

• Yesterday was a predominantly positive day for the crypto market, especially for the altcoins, many of which registered impressive gains.
• Perhaps fueled by the Bellatrix upgrade – the last step before the long-anticipated Merge – Ethereum soared by double-digits to a multi-day high of over $1,650. Ethereum Classic was another massive gainer, surging past $40.
• Hours after those increases, though, the market sentiment changed. BTC was rejected at $20,000 and plummeted by approximately $1,500 to its lowest price position since late July of $18,500.
• Ethereum failed to capitalize on the momentum and dumped to just under $1,500. ETC, among a few other lower- and mid-cap alts declined by double-digits.
• This enhanced volatility resulted in mass pain for some over-leveraged traders as the number of liquidated ones on a 24-hour scale is now just shy of 100,000.
• The total value of wrecked positions is up to $360 billion, with the single-largest one taking place on OKX involving the BTC/USDT trading pair.