Similar to Bitcoin’s recent price movements, other crypto’s like Ethereum’s ETH and Terra’s LUNA have also recorded massive declines from previous highs. Ethereum is 7% down in the last 24 hours and trades around $2,378 while LUNA prices dipped to $60.34, a 27% crash in the past week alone.
In addition, the global crypto market cap fall fallen to around $1.58 trillion as of the time of writing this report.
Bitcoin’s Retrace Triggers $280 Million in Long Liquidations
BTC’s most recent crash below the $33,000 region supposedly served as the catalyst for massive losses across the market.
According to data from CoinGlass, traders have suffered over $400 million in liquidations in the past day alone. Furthermore, Bitcoin traders bared the brunt of the losses with more than $139 million in liquidations. Ethereum trades accounted for the second-highest losses with an estimated $120 million in liquidations.
Other tokens with significant losses included LUNA, SOL, DOGE, TRX, GMT, and APE to name a few.
Bitcoin Analyst Says Dip To $24K Might Happen
As the markets continue to take a tumble, a prominent crypto proponent and analyst has predicted a possible slump to lower levels.
According to the Head of Market Research at Bitcoin Magazine, Dylan LeClair, BTC could hit a bottom price of $24,300 in line with historical price patterns during bear markets.
A #bitcoin dip down to it's realized price (average on-chain cost basis) is entirely possible and has been consistent with previous market bottoms in bear market cycles.
Realized price is $24.3k at the moment.
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