A sudden plunge in the price of Bitcoin has triggered a deluge of liquidations across the crypto markets.
According to data from CoinGlass, $250 million in crypto assets were liquidated as BTC teleported from $23,443 to $22,259 in a matter of minutes.
Traders long on Bitcoin and Ethereum were hit the hardest, with $76 million and $40 million in liquidations, respectively.
A specific catalyst for the crash has not been identified at time of publishing, although crypto markets continue to face macro headwinds.
Investors are also analyzing the potential impact from an exodus of clients at the crypto-friendly bank Silvergate, which recently announced it will have to conduct a new audit to assess its longevity after the collapse of FTX.
The pseudonymous trader and analyst Credible Crypto says BTC has hit low time frame support at $22,243 and needs to hold the line to avoid a further move to the downside.
“There is our drop to low time frame support as expected. Now bulls have to make a stand here.
If they fail to, then my downside target will be met sooner rather than later… I will also add that until/unless we break the lows at $21,373 I lean bullish (green path).”
Bitcoin is trading at $22,358 at time of publishing, down 4.9% in the last 24 hours.
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