The enhanced volatility in the cryptocurrency market continues to cause pain to leveraged traders with over $1 billion in liquidations in the past 24 hours. The latest price slump came after consecutive days of sideways trading for bitcoin and most of the altcoins.
- The crypto market is well-known for its high fluctuation levels with double-digit price movements in either direction. Interestingly, the past several days were just the opposite as bitcoin stood somewhat stagnant in a range between $35,500 and $37,000.
- However, the primary cryptocurrency is not used to stay still for too long, and the bears took advantage in the past 24 hours.
- BTC traded just shy of $37,000 before it suddenly dumped by $3,000. While that was a substantial drop of its own, the situation worsened minutes later, and bitcoin lost another $1,500 of value.
- As it typically happens when BTC makes a move, the alternative coins followed suit with even more vigorous losses.