The crypto market experienced one of its worst days ever after the price of bitcoin and many cryptos took a double-digit percentage drop.
At one time, the price of bitcoin dipped to $30, 000 resulting in over 70% of wallets at a loss with billions in dollars getting liquidated.
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At the time of publication, bitcoin is still trading below $40, 000 following the panic selling in the last 24 hours which saw a few top exchanges experiencing delays and outages in the process.
The bitcoin sell-off is historic in magniture of losses realized by short-term holders who ended up capitulating at a loss.
Several major altcoins saw between 25 – 50% drop in price resulting in many large traders dumping their positions and many leverage traders getting rekkted.
At the peak of the market squeeze, a record 10, 525 bitcoins were liquidated in one hour wiping out leveraged traders.
In total, over 775, 000 accounts in the crypto space got completely liquidated.
This essentially makes it the biggest bull market price drawdown since 2013.
The DeFi space was similarly not spared as some protocols experienced huge dips with the total value locked (TVL) dropping to below $104 billion for the first time since mid-April 2021.
While correction is a common phenomenon in the cryptocurrency market, analysts say it might take a while before the market fully recovers.
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