Bitcoin can’t catch a break in the past several days, marking consecutive multi-month lows, with the latest coming minutes ago at well under $67,000.
The last time the cryptocurrency traded at such low levels was in early November, just as the US presidential elections took place and the country elected the so-called ‘crypto president,’ Donald Trump.
The past few weeks have been brutal for BTC. It challenged $90,000 just eight days ago, last Wednesday, but the rejection at that level brought unimaginable pain for the market leader and most of the altcoin followers.
Bitcoin first dumped to $81,000 last Thursday, then continued south to under $75,000 during the weekend, but the bears kept the pressure on. The past several hours have been violent as well, with BTC plunging to $66,900 (as of press time). This means that the asset has lost well over $20,000 in just over a week.
BTCUSD Feb 5. Source TradingView
The altcoins have not been spared. ETH continues with its massive decline, with another 9% daily decline to under $2,000 – its lowest level since last April. BNB has plunged by 10% to $660, while XRP is down by a whopping 15% in the past 24 hours alone to $1.32.
Further losses are evident from the likes of ZEC (-19%), MORPHO (-14%), NEXO (-14%), XMR (-12%), LEO (-12%), SUI (-11%), and many others. As such, it’s no wonder that over-leveraged traders have been harmed severely.
Data from CoinGlass shows that the 24-hour liquidations have rocketed to over $1.3 billion. In the past hour alone, the wrecked positions are up to $350 million. The number of wiped out traders is close to 300,000 daily, with the single-largest position taking place on Aster, which was worth over $11 million.
Daily Liquidations Data on CoinGlass: February 5
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