After a bullish start to Tuesday’s trading, where Ethereum gained 6% over Bitcoin as it headed back towards $2,000, the market saw Bitcoin plunge below $19k and Ethereum below $1,500.
The sharp drop in Tuesday evening’s trading saw more than $100 million in bitcoin liquidations within four hours, taking the total liquidations across the market to $222 million.
In the early part of Tuesday, bitcoin was trading sideways, breaking barely 1% on the day as Ethereum surged in celebration of a successful Bellatrix hard fork.
However, around 6 a.m. BST, the price declined dramatically, and the Coinglass chart below shows a spike in long liquidations over the next four hours.
Further information from Coinglass states that over 100 thousand traders were liquidated in the past 24 hours, taking the total daily liquidations to $407.18 million. The most significant liquidation value on Okex was $2.57 million.
At the time of writing, bitcoin bulls are struggling to defend the $19k support, which has been tested three times in the past six months. On each of these occasions bitcoin recovered within a few days.
Credit : cryptoslate.com