Bitcoin had finally seen a minor relief rally that drove it to $57,000 after the US jobs report when the bears reminded of their presence and pushed it south hard.
The total liquidations have skyrocketed to about $150 million on a daily basis.
The primary cryptocurrency has faced its fair share of adversity in the past week or so, as its price tumbled from $65,100 last Monday to $55,500 earlier today.
This is when some positive news affected the market. As reported earlier today, the asset jumped to $57,000 after the US released the August jobs report, which outlined a minor decline in the unemployment rate.
However, that was another short-lived rally that actually turned out to be a false breakout. Instead of further increasing on the hopes of upcoming rate cuts in the States, BTC quickly retraced hard.
In a matter of minutes, the asset slumped by about two and a half grand from $57,000 to $54,400. This became its lowest price tag in exactly a month.
Bitcoin/Price/Chart 06.09.2024. Source: TradingView
Bitcoin/Price/Chart 06.09.2024. Source: TradingView
The altcoins followed suit, with ETH declining to $2,320, SOL dropping below $130, and XRP retracing to $0.53.
This volatility has harmed over-leveraged traders as over 45,000 such market participants have been wrecked in the past day. The total value of liquidations is up to $150 million within the same timeframe.
The single-largest wrecked position was a whooping one. It took place on HTX and was worth north of $13 million.