InvestorsObserver
×
News Home

Bitcoin's rally turns into a plunge, triggers $600 million crypto liquidation

Wednesday, February 28, 2024 02:46 PM | Invezz via QuoteMedia

Bitcoin’s rally turns into a plunge, triggers $600 million crypto liquidation

2024-02-28 14:46:46 ET

Bitcoin’s (BTC) rapid surge came to an abrupt halt on Wednesday afternoon, resulting in a 7% drop from its $64,000 peak, creating turmoil for leveraged traders.

Earlier in the day, BTC had soared past the $60,000 mark for the first time since November 2021, reaching a high of $64,037 before suddenly dropping to $59,400, according to the CoinDesk Bitcoin Index (XBX).

Although its price momentarily recovered over $61,000, a subsequent sell-off pushed it back down to a similar level. At the time of reporting, BTC was trading at $60,993.

Widespread impact across the crypto market

This sell-off had a significant effect on the broader digital assets market, with the CoinDesk20 Index (CD20) falling nearly 5% after reaching a new all-time high of 2,260 earlier on Wednesday.

Leading cryptocurrencies within the CD20, including ether (ETH), Solana’s SOL, XRP, Cardano’s ADA, dogecoin (DOGE), and Avalanche’s AVAX, experienced drops ranging from 4% to 9% within an hour.

Over $600 million in liquidations

The sudden price decline triggered over $600 million in liquidations across all digital assets, erasing leveraged trading positions, as reported by CoinGlass data.

The post Bitcoin's rally turns into a plunge, triggers $600 million crypto liquidation appeared first on Invezz

You May Also Like

Get the InvestorsObserver App

InvestorsObserver App
iOS App Android App