A steep decline in the price of Bitcoin has precipitated a flood of liquidations throughout the cryptocurrency exchanges.
According to statistics from CoinGlass, $250 million worth of crypto assets were sold as BTC teleported in minutes from $23,443 to $22,259.
The hardest-hit traders were long Bitcoin and Ethereum, with $76 million and $40 million in liquidations, respectively.
At the time of publication, no precise trigger for the drop has been found, but crypto markets continue to suffer economic headwinds.
Investors are also examining the possible implications of a customer outflow at the crypto-friendly bank Silvergate, which just said it would perform a new audit to determine its long-term viability after the failure of FTX.
Credible Crypto, a pseudonymous trader, and analyst, claim BTC has reached support of around $22,243 and must maintain the line to prevent a further decline.
Just as we predicted, there is a shift in support to lower time frames. Here, bulls must now take a stance. “If they don’t, my downside objective will be reached sooner rather than later… I would also add that I am bullish until/unless we break the lows around $21,370.00.”
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