Bitcoin’s massive price crash to $58,000 triggered liquidations worth over $320 million

Bitcoin’s price action has deteriorated massively over the past 24 hours, with the asset falling to a 9-day low of just over $58,000.

Altcoins have also lost a lot of value, with significant declines in ETH, SOL, DOGE, LINK, AVAX, SHIB, and others. The total value of liquidations is well over $300 million.

CryptoPotato was reported on Monday morning when the BTC price challenged the $65,000 mark but failed to sustain its course and quickly fell to $64,000. Tuesday started with less volatility, but things later changed as the cryptocurrency slipped to $63,000.

However, over the past 12 hours, bears have gained ground significantly, triggering a severe crash in BTC that pushed the price to $58,100 (on Bitstamp) – the lowest price since August 19.

Despite the recovery and the current price of $59,500, Bitcoin price is still down 6% and its market capitalization has fallen from $1.240 trillion to $1.170 trillion.

The altcoins have suffered even more. Ethereum has fallen over 8% and is now struggling below $2,500. SOL, DOGE, AVAX, SHIB, BCH, DOT, and LINK recorded losses of up to 8%.

Double-digit price declines are seen in MATIC, SUI, FET, TAO, and PEPE. The cryptocurrency market capitalization lost more than $100 billion daily.

This volatility has hurt overleveraged traders, with nearly 90,000 liquidated in the last 24 hours. The total value of positions destroyed is over $320 million. The largest single order was on Binance and was worth more than $12.5 million.