The sudden drop in the price of Bitcoin caused a series of liquidations in the cryptocurrency market.
According to data from CoinGlass, 250 million dollars Crypto assets were liquidated when BTC sudden move from $23,443 to $22,259 in just a few minutes.
Bitcoin and Ethereum long traders hit hardest, 76 million dollars Bitcoin and 40 million dollars Ethereum is liquidated.
Investors are worried about negative news coming from Silvergate bank.
Trader and analyst Credible Crypto says BTC has hit a low time frame support at $22,243 and needs to hold this level to avoid further declines.
“Price has dropped to the low timeframe support as expected. Now the buyers have to stand firm here. If not, then my bearish target will be reached sooner or later… I will add to that too until we break the swing low at $21.373. I lean to the upside.”
Bitcoin is trading at $22,358 at press time, down 4.9% over the past 24 hours.
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