The sudden drop in the price of Bitcoin has resulted in mass liquidations across the cryptocurrency market.
according to data From CoinGlass, $250 million in crypto assets were liquidated as BTC teleported from $23,443 to $22,259 in minutes.
Traders who have long invested in Bitcoin and Ethereum were hit hardest, with $76 million and $40 million liquidated, respectively.
The cryptocurrency market continues to face macro headwinds, but no specific catalyst for the crash has been identified at the time of publication.
Investors are also analyzing the potential impact of crypto-friendly bank Silvergate’s customer outflow. Silvergate recently announced that it needed to conduct a new audit to assess the longevity of FTX after its demise.
Credible Crypto, a pseudonymous trader and analyst, says BTC has reached the lower timeframe support at $22,243 and should hold the line to avoid further declines.
“As expected, the support period is getting shorter. Now the bulls have to face it here.
If they fail, my downside target will be met sooner or later…and I’m leaning bullish until or unless the $21,373 low is broken (green pass). ”
Bitcoin is trading at $22,358 at the time of publication, down 4.9% over the past 24 hours.
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