$300 Million Liquidated in 24 Hours – BTC Plummets to 48k

While Bitcoin (BTC) was trading above 50k yesterday, it is trading in the red once again by falling below 48k.

After a drop below $48,000, Bitcoin (BTC) has lost more than $4,000 in the past two days. Altcoins are also in the negative, with Ethereum (ETH) falling below $3,800 and Solana (SOL) losing more than 7% of its value.

The outlook of Bitcoin (BTC) seemed to be increasingly more favorable and bullish as the digital asset price surged above $50,000. In the aftermath of numerous fruitless tries, Bitcoin (BTC) broke the $50,000 ceiling and remained at a high of $52,000 for three entire weeks. 

Just as the bears were getting increasingly active, the scenario changed vigorously. While Bitcoin (BTC) should have been trading up, it took a nosedive to $49,000. The dive continued as Bitcoin (BTC) is now trading at $47,200, which is the lowest the price of the cryptocurrency has been since the third week of December.

Today a 4% drop was observed. Since Tuesday, more than $300 million have been liquidated, increasing volatility and causing a major inconvenience for over-leveraged traders of Bitcoin (BTC). 

Altcoins experienced a similar misfortune that persisted on the day. Ethereum (ETH) has incurred a 3.5% downturn, trading now at under $3,800 after having dropped below $4,000 from the previous positive trading. Binance Coin (BNB) is trading at $535, taking a dive of 3%. 

Solana (SOL) is currently trading at $175, having lost 8% of its value. Other altcoins such as Cardano (ADA), Polkadot (DOT), Ripple (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), Terra (LUNA), and Avalanche (AVAX) are also trading in the red.

The overall crypto market cap is now valued at 2.24 trillion having lost $200 billion in 48 hours.

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