Breaking: Bitcoin Loses $3K, Over 129, 600 Investors Get Liquidated

Breaking: Bitcoin Loses $3K, Over 129, 600 Investors Get Liquidated

Bitcoin, the world’s most valuable cryptocurrency by market capitalization, fell over $3K as it traded at its $48K support level, a level that some experts believe is critical for judging the cryptocurrency’s outlook for 2022.

At the time of writing, losses from crypto market liquidations totaled $370 million.

Almost 80% of these liquidations were on long bets, which are futures contracts in which traders gamble on a price gain.

What You Need To Know

At the Crypto futures market for the day, 129,644 traders were liquidated. By bit received the greatest single liquidation order, valued at $5 million.

Bitcoin fell as much as 4.5 percent on Tuesday, selling at around $48.5k at 6 p.m. West African time. Ether, the world’s top altcoin by market cap, was also in the red, plummeting more than 3%.

According to FTX Exchange, smaller tokens such as Solana, Cardano, Polkadot, and meme currency Dogecoin all plummeted on Tuesday.

Crypto investors, particularly whales, have been withdrawing from speculative markets recently, concerned that the central banks’ stimulus program is coming to an end.

The extent to which Bitcoin and the broader crypto world are vulnerable to this danger is a contentious question.

Bitcoin values have historically mirrored the price of riskier assets such as US equities. However, that tendency is beginning to change this month.

The S&P 500 index of the top corporations is up approximately 5% since the beginning of December, while bitcoin is down around 10%.