The crypto market lost over $900 million in the past 24 hours as Bitcoin dips below $100,000 after almost hitting its all time high.
According to CoinGlass, the loss hit about 338,355 traders. $862 million came from long liquidations and $112.86 million came from short liquidations.
Bitcoin saw the biggest losses with over $305 million of long liquidations. Ether followed close with $140 million in long liquidations. In short, the market itself faces a lot of price swings that caused a massive sell-off.
Bitcoin has dropped by 5% today from an intraday high of $105,000 to below $99,959, but gained interest with a 292% in trading volume to $77.5 billion.
The general altcoin market is in a pool of red with Ethereum (ETH) losing over 5% to an intraday low of $3150. Other altcoin like XRP, Dogecoin (DOGE), Cardano (ADA), and Avalanche (AVAX) also saw some losses.
BitMex co-founder Arthur Hayes thinks Bitcoin could fall further to $70,000 or $75,000. But, he sees it bouncing back to $250,000 before the year ends because of possible support from the Federal Reserve.
“The Ugly will be published tomorrow morning. I am calling for a $70k to $75k correction in $BTC, a mini financial crisis, and a resumption of money printing that will send us to $250k by the end of the year.” He said.
Also Read: MicroStrategy Buys 10,107 BTC, Now Holds 471,107 Total
