A sudden price drop in Bitcoin has sparked a spate of liquidations across the crypto markets.
According to data from CoinGlass, $250 million in crypto assets were liquidated as BTC teleported from $23,443 to $22,259 in minutes.
Traders long Bitcoin and Ethereum were hit the hardest, with liquidations of $76 million and $40 million, respectively.
A specific trigger for the crash has not been identified at the time of publication, although crypto markets continue to face macroeconomic headwinds.
Investors are also analyzing the potential impact of a mass exodus of customers at crypto-friendly bank Silvergate, which recently announced it must conduct a new audit to assess its longevity following the collapse of FTX.
Pseudonymous trader and analyst Credible Crypto says that BTC has hit the low timeframe support at $22,243 and needs to hold the line to avoid further move lower.
“There is our drop to low timeframe support as expected. Now the cops need to take a stand here.
If they don’t, my downside target will be reached sooner rather than later… I will also add that until/unless we break the $21,373 lows I am bullish (green path).”
Source: Credible Crypto/TwitterDon’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
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