Over $9.2 Billion Worth of Bitcoin Positions Liquidated in 24 Hours as Coin Plunges to $52,000

Over $9.2 billion worth of cryptocurrency positions have been liquidated in the last 24 hours, according to the latest data from bybt.com.

$9.2 billion of long positions were said to have been liquidated following plunged in Bitcoin value from $63,000 to $52,000 in the early hours of Sunday.

Several other short positions were said to be affected. The plunge in the world’s most dominant cryptocurrency dragged on the entire crypto market.

With Ethereum, the second most capitalised coin declining by 20 percent, Cardano by 25 percent, XRP and Doge shed 16 percent and 25 percent, respectively.

As at 9:19 am Nigerian time, Bitcoin is trading at $55,977.35 to a coin. Meaning it has gained almost $4000 in the last four hours.

Crypto investors and traders are expected to jump on the dip and use it to further boost their portfolio.

As of the time of writing, bitcoin’s price has bounced back to around $55,000.