Over $1.2 billion in crypto was liquidated in the last 24 hours, according to Coinglass, as bitcoin and ethereum plunged below $21,000 and $1,100, respectively. Bitcoin fell to $20,950 before recovering to $22,522. The world’s largest crypto has dropped around 14 percent of its value in the last 24 hours.
Ethereum had a similar fate, falling to $1,094 before rebounding to $1,227. In the previous 24 hours, Ether has lost about 8% of its value. According to Coinglass data, nearly $13 million was liquidated in the preceding hour.
The total value of the 24-hour liquidation is $1.20 billion. During this time, an estimated 248,172 investors liquidated their positions. Bitmex, which was valued at $4.46 million, has the largest single liquidation.
The Crypto market is bleeding
When comparing the liquidation of several cryptocurrencies over the last 24 hours, Bitcoin was the worst impacted, with almost $579 million in liquidation. Ethereum was the next to be liquidated, at a stunning $444.27 million.
The crypto market is once again in an adverse environment. Digital assets took a beating on Monday, as trading platforms like Celsius and Binance suspended withdrawals while other businesses laid-off employees.
Celsius indicated that withdrawals, swaps, and transfers between accounts will be paused due to “extreme market conditions.” “Stabilize liquidity and operations” was the goal of the action.
Binance also encountered a setback when a transaction became blocked, forcing a three-hour delay in Bitcoin withdrawals. Worst of all, companies such as Crypto.com, Gemini, Coinbase, and BlockFi exacerbated the problem by laying off a chunk of their workforce. Some businesses have even stopped employing. Extreme market conditions, according to the companies, were the fundamental cause of the widespread layoffs.
Amidst all the chaos, Binance seems to be expanding the hiring as CZ spoke at the Consensus 2022, stating that crypto winter is a good time to invest in acquiring talents.