Bitcoin Price Drops Over 10%

Hundreds of millions of dollars worth of crypto assets are being liquidated as the leading digital asset Bitcoin (BTC) sees a 10% plunge in its price.

New data from market intelligence firm CoinGlass reveals that crypto positions worth approximately $601.20 million have evaporated over the past 24 hours amid a sharp downturn in the crypto markets.

The positions affected most are related to BTC, followed by top altcoin Ethereum (ETH). Coinglass unveils that over the past 24 hours, Bitcoin positions worth $223.06 million have been wiped out, while the value of the liquidations in Ethereum positions is approximately $162.48 million.

Bitcoin is trading at $21,401 at the time of writing, down by 8.85% over the past 24 hours while Ethereum is currently changing hands for $1,699.

Other notable digital assets that saw sweeping sell-offs include Ethereum Classic (ETC), scalable smart contract blockchain Solana (SOL) and decentralized storage network Filecoin (FIL). The virtual assets saw $25.68 million, $14.86 million and $12.44 million in liquidations, respectively.

Positions in Dogecoin (DOGE), smart contract blockchains Cardano (ADA), Avalanche (AVAX), EOS, decentralized blockchain oracle Chainlink (LINK), Ethereum scaling solution Polygon (MATIC) and XRP have also recorded liquidations amounting to between four to ten million dollars over the past 24 hours.

According to CoinGlass, this is the highest level of liquidations since June 13 when crypto worth over $1.3 billion was decimated in 24 hours.