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600 Million Worth of Crypto Vanished
Cryptocurrency assets worth hundreds of millions of dollars are being sold off as the price of the most valuable digital asset, Bitcoin, or BTC falls by 10%. According to recent statistics, despite a severe decline in the cryptocurrency markets, holdings worth almost $601.20 million in cryptocurrencies have vanished over the previous 24 hours.
Positions tied to Bitcoin are the most affected, followed by leading altcoin Ethereum (ETH). According to sources, bets in Bitcoin worth $223.06 million have been liquidated in the last day, while positions in Ethereum have lost about $162.48 million in value. At the time of writing, the price of Bitcoin is $21,401, down 8.85% from the previous day, while the price of Ethereum is $1,699.
The Biggest Liquidation Since June
Other significant digital assets that experienced massive sell-offs include the decentralized storage network Filecoin, the scalable smart contract blockchain Solana, and Ethereum Classic (ETC). The virtual assets were liquidated for a combined amount of $25.68 million, $14.86 million, and $12.44 million.
Over the past day, positions in Dogecoin (DOGE), the Polygon (MATIC) scaling solution for Ethereum, the Cardano (ADA), Avalanche (AVAX), and EOS smart contract blockchains, the Chainlink (LINK) decentralized blockchain oracle, and XRP have also seen liquidations totaling between four and ten million dollars. This is the biggest amount of liquidations since June 13, when cryptocurrency worth more than $1.3 billion was destroyed in a single day, according to sources.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
