Bitcoin was Thrown to a 10 Day Low, with a Clearing Volume of $400 Million

04/08/2022By: C, Fiona

The cryptocurrency market fell again, with significant price losses for bitcoin and almost all alternative currencies.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

 

As bitcoin fell to its lowest price since March 25, the number of dealers liquidated soared to more than 100000, with a total crash amount of more than $400 million. The current situation of most altcoins is even worse.

The cryptocurrency market performed well in late March, when BTC soared above $48000 and hit a three-month high. Alternatives followed, with many, such as eth, registering similar three-month peaks. However, April began to be a bit depressed, and bitcoin began to depreciate. At first it recovered most of its losses, but earlier today it was just over $44000.

Now, however, the asset has fallen further south to $43800 (on Bitstamp), the lowest price since March 25. Usually, the alternative currency imitates the route to the south, and most of them even have greater price losses. Ethereum fell to $3200 and binance coin struggled at $425, while Solana, Polkadot, avalanche, matic, atom and link lost about 10% every day.

Somewhat surprisingly, according to Coinglass, this increased volatility has led to a large number of clearing activities.The resource shows that the total clearing volume on a 24-hour scale has surged to more than US $400 million, and the number of crashed users is close to 135000. The largest clearing order took place in okex, worth nearly $5 million.