$1 Billion Liquidation Storm Hits as BTC, ETH, XRP Collapse

The past day wasn’t kind to the cryptocurrency markets, as bitcoin slumped below a crucial support level and dipped to a three-week low of under $109,000 ￰0￱ altcoins crashed even harder, which is why the leveraged liquidations have skyrocketed to nearly $1 billion, according to CoinGlass. BTCUSD.) and Thursday (September 25). At first, BTC dumped from $115,500 to $112,000. It managed to recover some ground mid-week, but the bears initiated another leg down yesterday, which drove bitcoin further south to its lowest position since the start of the month at $108,600 (on Bitstamp).

Although it has recovered around a grand since then, BTC is still below $110,000, which is a crucial support level, according to Ali ￰1￱ next one actually managed to hold the freefalls, which is set at $108,530. As usual, many industry observers and commentators began speculating on the state of the correction. Some, such as Peter Schiff, called it the start of a bear ￰2￱ analysts remain more ￰3￱ Fabrik, for instance, referred to the current retracement as a ‘healthy’ one and predicted a surge to $140,000 as long as BTC can reclaim the $113,000 resistance. Nevertheless, almost all altcoins followed bitcoin on the way south, posting massive ￰4￱ is among the poorest performers as it lost the $4,000 support and slumped beneath $3,900 ￰5￱ is deep in the red as well, dumping by 10% weekly and struggling to remain close to $2.80.

This enhanced volatility has harmed over-leveraged traders, as the total value of wrecked positions has shot up to almost $1 billion on a daily ￰6￱ than 225,000 such market participants have been liquidated ￰7￱ Heat Map.