Bitcoin dips below $48K as $100B vanish from the Market Cap – The adverse price developments in the crypto market continue for a second consecutive day, with bitcoin dropping below $48,000. Most altcoins have suffered even more with massive price dumps, and the crypto market cap has lost about $100 billion in a day.
Bitcoin Slid Below $48K
It was just two days ago when the primary cryptocurrency was riding high and charting multi-month highs. As reported on Monday, the asset broke above $50,000 for the first time since mid-May and went as high as $50,400.
However, it failed to continue upwards. Just the opposite, it started to lose value somewhat rapidly, lost the $50,000 mark, and kept dumping. In the past 24 hours, it went to $47,600.
BTC bounced off initially and added $1,000 of value in a matter of hours, but this attempt was short-lived. The bears came to play again and pushed the cryptocurrency south to its current level of below $48,000.
This enhanced volatility in the past 24 hours has caused pain for some leveraged traders. Bybt data shows that the liquidations within this time period have gone to over $450 million. The largest single liquidation order has taken place on Bybit. A user trading BTC has lost just under $5 million.