Bitcoin Went Down To $47K In a Day After a $300M Liquidation

The cryptocurrency market is trading one more time in red, where BTC headed down to hit $47,200, while the majority of bitcoins have incurred more losses.

The king of cryptocurrencies BTC, lost more than $4K in 48 hours, right after a loss which made the coin reach $48K. However, other altcoins are also struggling where the majority of them are trading in red, such as Ethereum ETH which is trading below $3,800 as well as Solana dipping by more than 7%.

These losses come after a strong week for the most altcoins including the premium cryptocurrencies Bitcoin BTC and Ethereum ETH. Read more [Bitcoin Reaches a High Above $51K & Luna at $100 ATH] and [Both Bitcoin, Ethereum Recover From The Latest Loss].

This situation is the one where the things changed strongly, do instead of heading north, BTC started the value losses rapidly, which affected the price negatively to drop to $49 yesterday.

Following the latest daily drop of $3K, Bitcoin kept going south in the past 24 hours, this made the situation worse as BTC dropped to $47,200, which is considered the worst and the lowest price since the 21st of Dec.

Moreover, the asset is down by 4% on this day, which is a strong hit for over-leveraged traders as the liquidations exceeded $300 million from yesterday.

As mentioned before, other altcoins struggled yesterday, and still suffering till the moment of writing this article which is more gloomy. ETH dipped down to less that $4K, however, another 3.5% drop in a day has taken ETH to below $3,800, also Binance Coin suffered and went down by 3% at $535.

As for Solana, it lost the major value on a daily scale at -8%, where it is now trading at $175. Other losses are coming from Ripple, Dogecoin, Avalanche, Polkadot, Terra, Shiba Inu and Cardano.

The crypto market cap is down by $200 billion in just 2 days and is now $2.240 trillion.

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