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Investors lose big as Bitcoin drops below $24,000

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Following weeks of occasionally encouraging, sometimes confusing economic indices and company profits, investors are still in a wait-and-see mentality, as 66,918 traders were liquidated for the day, totalling $204.40 million in liquidations.

The greatest single liquidation order, worth $2.22 million in BTC-USDT-SWAP, was made on Okex.

At the time of writing, Bitcoin was trading slightly over $24,000, down nearly three percentage points over the previous 24 hours, but still, over the top of the $20,000 to $24,000 range, it has been in for more than a month. Following a few days of tracking gains, the majority of altcoins are currently trading in the black as well.

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The pioneer crypto asset appeared to be off to a good start to the week when it reached $25K late on Sunday (U.S. time) after several days of flirting with the psychologically significant threshold.

The cryptocurrency changed its trajectory and dropped by more than $1K within a few hours as the crypto-verse was finally cheering and expecting another run higher. Even while its market valuation is still above $450 billion, its dominance over the alternatives has decreased yet more and is now only at 40.1%.

Ether followed a similar trajectory, peaking late on Sunday at almost $2,000 before tumbling down at around $1.8K. The second-largest cryptocurrency by market cap recently decreased by about 2.5% from the day before, but it is still significantly higher than levels from earlier this summer due to growing investor excitement for The Merge, which will switch the Ethereum protocol from the slower, less efficient proof-of-work model to the faster, more efficient proof-of-stake model.

Ethereum is still up by 5% over the past week, making it the best-performing coin of the week among the top ten largest digital assets during that time period, despite a considerable decline over the day.

 

 

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