After $215 Million Got Liquidated, Bitcoin’s Price Sheds Drops By $3K

After $215 million got liquidated, Bitcoin’s price dropped by $3,000 in one day as we can see more in today’s latest bitcoin news.

The cryptocurrency market went through heavy volatility in the past few days and left a trail of liquidations worth $215 million in the past day. Bitcoin’s price surged towards $42,000 after the news of President Biden signed the executive order on crypto. The document’s text was perceived well by the market and it failed to outline particular worries outside of what the industry factored in advance however today, in a  u-turn of events, after $215 million got liquidated, Bitcoin’s price dropped by $3000, marking a decline of 7.5%.

Just like they always do, altcoins followed suit and dropped as well. ETH is down by 5.3%, BNB dropped by 5%, and so forth. This left a lot of liquidated positions in the past day and the data from Coinglass reveals that the liquidations over this period amounted to over $215 million. Bitcoin led the way with around $80 million, followed by ETH with $52 million.

As recently reported, According to an Arcane Research report, Bitcoin’s transaction fees quickly doubled recently but are still low with no other signs of rising. There was a bump in transaction fees last week and it showed that a small jump at the tail end of the graph clustered the meme pool and pushed up the average fees per day over the past week to $691,000 which is a double since a week ago. The doubling in transaction fees is not so significant because the fees remain low and miners are churning in the meme pools securing the network while also keeping the transactions affordable

Yesterday we saw, Bitcoin already hit $42,000 overnight and ETH eyed the $2800 price point. The crypto market came surging back as Ethereum and Bitcoin rallied together. BTC as the biggest cryptocurrency by market cap breached $42,000 and at the time of writing, the price was hovering near $42,000 or up by 8% on the day. The second biggest crypto, ETH enjoyed a similar momentum and hit $2800 while later rising 7% over the past 24 hours.

The bullish news came amid an uncertain macro environment as all markets including crypto responded to the ongoing Russian invasion of Ukraine. BTC was trading as low as $37,387 and ETH dropped to $2467 but both assets increased today together. BTC is still responsible for 41.3% of the entire market with ETH capturing about 17%.