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$550 Million in Crypto Liquidated as Bitcoin and Ethereum Plunge Significantly

Fri, 08/19/2022 - 10:44
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Yuri Molchan
Bitcoin and Ethereum fall over 6%, crypto shares follow suit
$550 Million in Crypto Liquidated as Bitcoin and Ethereum Plunge Significantly
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The flagship digital currency, Bitcoin, has lost over 7%, falling to $21,467, and Ethereum has fallen by 6.6%, trading at $1,726. The reasons for the plunge are not immediately clear.

However, Bitcoin was pushed down to a three-week low after surpassing the $25,000 level for the first time in two months. BTC went down 7.5% to hit $21,467 briefly, but then it quickly recovered to the present level of $21,774.

Ethereum went down 6.6%, touching the low of $1,723. By now, ETH has recovered a bit of its losses, sitting at $1,741.

In the meantime, over half a billion in crypto has been liquidated over the past 24 hours. Aside from Bitcoin and Ethereum, lots of positions on Dogecoin, ADA and SOL were liquidated.

A total of $8.6 million in DOGE, $6.7 million in ADA, $203 million in Bitcoin and $137 million in Ethereum were liquidated.

SHIB Burn Rate up 242.50% as Another 133 Million Shiba Gets Burned

According to chief analyst at AvaTrade and Forbes, Naeem Aslam, shares of crypto companies Coinbase, Marathon Digital and Riot Blockchain have plunged, following Bitcoin.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at