Almost $400 Million in Liquidations as BTC Drops Below 20K

Despite the rally during the past couple of weeks, the cryptocurrency took a beating today. Bitcoin’s price plunged by more than 5%, dropping $20K.

The total liquidations on a 24-hour scale have reached around $360 million.

The recent rally brought hopes to many that the crypto winter might be coming to an end, but this was for not.
Today, the market is painted red, with the majority of cryptocurrencies charting considerable declines. This saw close to $400 million worth of both long and short positions being liquidated.
FTX’s native token (FTT) has it worst at the time of this writing and is down some 19%. This comes as a consequence of Binance vowing to liquidate its FTT holdings and sparking an argument between Changpeng Zhao and Sam Bankman-Fried.
Bitcoin has also taken a major punch, dropping below the $20K level for the first time in two weeks.
The alternative coins are in no better shape, with Ether and XRP being down by nearly 6%.
The situation is even worse when looking at memecoins. Elon Musk’s favorite token – Dogecoin (DOGE) – has lost more than 12% of its valuation, while Shiba Inu (SHIB) has plunged by approximately 8%.
As of the time of writing these lines, the global cryptocurrency market capitalization is around $1.02 billion, charting a decline of 5% in the past 24 hours.

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