• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • bitcoinBitcoin(BTC)$28,357.005.81%
    BITCOIN
    24H : 5.81%
    Volume : $22,120,477,246.00
    Marketcap : $549,015,768,304.00
  • ethereumEthereum(ETH)$1,810.535.28%
    ETHEREUM
    24H : 5.28%
    Volume : $11,602,023,149.00
    Marketcap : $218,387,202,485.00
  • binancecoinBNB(BNB)$317.302.68%
    BNB
    24H : 2.68%
    Volume : $685,512,559.00
    Marketcap : $50,153,976,746.00
  • rippleXRP(XRP)$0.57017.15%
    XRP
    24H : 17.15%
    Volume : $5,109,514,380.00
    Marketcap : $29,509,044,404.00
  • cardanoCardano(ADA)$0.38711.17%
    CARDANO
    24H : 11.17%
    Volume : $541,668,865.00
    Marketcap : $13,580,684,526.00
  • dogecoinDogecoin(DOGE)$0.0765.14%
    DOGECOIN
    24H : 5.14%
    Volume : $477,154,094.00
    Marketcap : $10,563,829,275.00
  • matic-networkPolygon(MATIC)$1.148.70%
    POLYGON
    24H : 8.70%
    Volume : $495,020,283.00
    Marketcap : $10,345,335,853.00
  • solanaSolana(SOL)$21.167.15%
    SOLANA
    24H : 7.15%
    Volume : $523,876,997.00
    Marketcap : $8,166,082,394.00
  • polkadotPolkadot(DOT)$6.246.70%
    POLKADOT
    24H : 6.70%
    Volume : $190,100,297.00
    Marketcap : $7,612,558,960.00
  • okbOKB(OKB)$43.271.13%
    OKB
    24H : 1.13%
    Volume : $40,027,377.00
    Marketcap : $2,598,973,772.00
TodayinCrypto.com

TodayinCrypto.com

  • Home
  • Latest News
  • YOUTUBE RECAPS
  • CONTACT US

The crypto market crash resulted in over $1 billion in liquidations as Bitcoin falls below $30,000


May 10, 2022 · By MATheGooner
Bitcoin (BTC)

Bitcoin price hits a new 2022 low as fear grips the crypto market leading to investors adopting a risk-off stance to crypto and stocks. 

The Bitcoin sell-off intensified on May 9, putting traders through another day of agony, and the current price decline pushes Bitcoin to its lowest level since July 2021. 

Bitcoin’s price has plunged as low as $29,750 on Bitstamp, according to TradingView, as panicked investors sell their holdings, but it has since recovered a little.

As traders lose their bets on the price of Bitcoin and other cryptocurrencies moving higher in the last 24 hours, the market bloodbath has resulted in a massive amount of liquidations. According to coinglass data, long order liquidations account for 71.93% of total liquidations. 

287,445 traders around the cryptosphere liquidated their long orders in just 24 hours, bringing the total amount liquidated to $1.1 billion, possibly the highest figure ever recorded in the market.

What led to the drop? 

Fear reigned supreme in the cryptocurrency market as an escalation in the ongoing sell-off deepened, further dampening the bearish sentiment.

Multiple variables are influencing the crypto market price action, including rising interest rates, the Federal Reserve’s end of cheap money policies, falling stock prices, and concerns over the TerraUSD (UST) stablecoin retaining its $1 peg. 

Some Whales have started to reallocate their tokens and the largest distributors, or sellers, were individuals in the highest cohort who held at least 10,000 coins. Throughout most of 2022, distribution has outpaced accumulation, according to Glassnode. 

For most of 2022, BTC withdrawals from exchanges surpassed inflows, but that trend reversed this week, with inflows exceeding outflows by more than $50 million.

The volume of transactions on the Bitcoin network has also increased in the last week, which blockchain monitoring firm Glassnode attributes to investors de-risking. 

Last week, the Bitcoin mempool was flooded with 42,800 transactions. These transactions were most likely urgent due to the obvious hefty fees paid per transaction. According to bitinfocharts, an on-chain data tracker, the average charge jumped to $2.72 last week, approximately 15% higher than the regular average. 

Is the market crash over? 

There is the chance of even more negative consequences. BTC price is currently down 55% from its all-time high in November, which is considered reasonable when compared to previous Bitcoin bear markets’ ultimate lows.

Last year’s drop peaked at -54.2 percent, while the  bear markets of 2015, 2018 and March 2020 capitulated at lows between -77.2 percent and -85.5 percent below the all-time high.

The recent market downturn that has prompted many crypto traders to turn bearish and embrace the potential of a drop to lower levels has piqued investors’ contrarian opinions. 

Conclusion 

It’s unclear what will happen to Bitcoin next, but it’s best to expect additional volatility as big global events continue to exert pressure on financial markets.

Primary Sidebar

LATEST NEWS

VPN Users Beware! The RESTRICT Act Could Land You in Hot Water!

March 29, 2023

Tick-Tock for Crypto Clients: Signature Bank’s Deadline Approaches

March 29, 2023

The SEC’s Crypto Crackdown: Operation Choke Point 2.0 Unveiled

March 29, 2023

Binance and CEO CZ sued by US regulator over alleged illegal activity

March 27, 2023

Terraform Labs co-founder Do Kwon fights back against unjustified detention extension

March 26, 2023

  • Facebook
  • Instagram
  • Twitter

Newsletter

Footer

ABOUT US

TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

TODAY IN CRYPTO

  • Latest obtained documents reveal that Binance kept ties with China despite its departure announcement March 29, 2023
  • VPN Users Beware! The RESTRICT Act Could Land You in Hot Water! March 29, 2023
  • Tick-Tock for Crypto Clients: Signature Bank’s Deadline Approaches March 29, 2023

Search

Tags

Aave (AAVE) Aleph.im (ALEPH) Arweave (AR) Avalanche (AVAX) Benchmark Protocol (MARK) Binance Coin (BNB) Bitcoin (BTC) Bondly (BONDLY) Bridge Mutual (BMI) Cardano (ADA) Celsius Network (CEL) Chainlink (LINK) Decentraland (MANA) Dogecoin (DOGE) Elrond (EGLD) Enjin Coin (ENJ) Ethereum (ETH) Ethernity Chain (ERN) Fantom (FTM) FTX Token (FTT) Kusama (KSM) Litecoin (LTC) NFT OriginTrail (TRAC) PAID Network (PAID) PancakeSwap (CAKE) Polkadot (DOT) Polkastarter (POLS) Polygon (MATIC) SnowSwap Solana (SOL) SuperFarm (SUPER) Sushi (SUSHI) Terra (LUNA) Terra Classic (LUNC) The Graph (GRT) Theta Network (THETA) Tixl (TXL) Trustswap (SWAP) Uniswap (UNI) USD Coin (USDC) VeChain (VET) XRP (XRP) yearn.finance (YFI) Yield Optimization Platform & Protocol (YOP)

Copyright © 2023 · Today in Crypto · Terms & Privacy · Log in