Bitcoin experienced a rollercoaster ride on Monday, especially during the night, as it plummeted to a new monthly low of $64,000. The volatility was not limited to Bitcoin alone, as altcoins also faced significant fluctuations. This led to a substantial number of traders, 190,000 to be exact, getting wrecked on a daily basis. The weekend had been relatively stable for the primary digital asset, as it floated around the $66,000 mark. However, Monday began on a slightly underwhelming note, but Bitcoin gradually gained momentum throughout the day.
The altcoins mirrored Bitcoin’s performance, with many experiencing massive price drops. Despite attempting to recover some lost ground, popular altcoins such as SHIB and DOGE were still down by around 10% for the day. Other major altcoins like SOL, AVAX, LINK, ADA, and DOT saw their prices plummet by 7-9%. Ethereum (ETH) also took a hit, dropping to $3,450 after briefly touching $3,330 earlier in the day.
The wild price swings and extreme volatility in the market have proven disastrous for over-leveraged traders. More than 190,000 traders were liquidated within a single day, suffering losses as a result. The total value of liquidated positions exceeded $480 million in the same timeframe. The largest single liquidation order occurred on Binance, involving the ETH/USDC trading pair and amounting to $6.44 million, as reported by CoinGlass.
The cryptocurrency market, particularly Bitcoin, experienced significant volatility on Monday, resulting in a new monthly low for the digital asset. The sharp price drops and market fluctuations were not limited to Bitcoin alone, as altcoins also followed suit. The impact on traders was severe, with over 190,000 individuals being liquidated within a single day. The total value of liquidated positions surpassed $480 million, highlighting the risks associated with trading in such a volatile market.
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