Over $400 million was liquidated as the price of Bitcoin (BTC) fell to weekly lows below $41,000

Bitcoin was trading steadily at around $44,000 before bears took control of the market and triggered a massive plunge that drove the asset to a weekly low of just under $41,000.

With most altcoins in a similar state of free fall, the total value of liquidated positions has risen to over $400 million daily.

BTCUSD. Source: TradingView

CryptoPotato reported over the weekend that BTC remained relatively calm at around $44,000 after a bullish business week that saw the cryptocurrency rise more than 11%.

This resulted in it reaching $44,700 at the end of the week, which was the highest price in over a year and a half.

However, Monday morning started on a negative note with a massive price drop that sent the largest cryptocurrency sharply lower. Within an hour, BTC plunged from around $44,000 to just under $41,000 (on Bitstamp), hitting a weekly low.

It has gained some ground and is currently trading above $42,000. However, this has only hurt overly leveraged traders as the total value of liquidated positions rose to over $400 million in 24 hours.

The figure stands at $360 million in the last 12 hours. In total, 120,000 traders were liquidated in the past day, and the largest single position destroyed was worth over $8 million and was made on OKX.

Altcoins are no better, with Ripple, Cardano, Polkadot, Chainlink, Shiba Inu and many others down over 6% in a day. Avalanche is currently the only larger market cap alternative that is in the green.

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