Bitcoin (BTC) Crash Sparked $162 Million in Crypto Liquidations: Details

Bitcoin (BTC), which has been leading a price crash that is more widespread and sustained over the last 24 hours, has caused a sell-off of more than 97% altcoins within the top 100 to reach unprecedented levels. Data from CoinGlass indicates the market recorded $162.7 in total liquidations during the last day.

Bitcoin has slipped past $25,000 and is currently trading at $24,888.49.

After losing 4.28% overnight, the cryptocurrency breached the support level that it had maintained over the last month.

The liquidation of less capitalized tokens has been extended to include Injective (INJ), Sui Network(SUI) and Internet Computer(ICP), as well as others.

Ethereum (ETH), despite its poor performance has seen a higher number of monetary liquidations. The total value is $60.54 millions.

Bitcoin’s total liquidation of monetary assets is $46.30 millions, while altcoins as a group recorded a combined total of $11million in liquidations.

There are two sources of FUD

It is unusual for the cryptomarket to experience a steep retracement of its price trajectory, without at least one cause.

The testimony by Aaron Kaplan, CEO of the regulated crypto firm Prometheum could be used to generate caution before the U.S. House Committee in regards to crypto regulations.

The market has chosen to echo this concern, as industry insiders have called out Kaplan. The depegging fears of Tether (USDT), the stablecoin, are also increasing by a wide margin.

Bitcoin is especially affected by the Fear, Uncertainty and Doubt surrounding Tether, as it is possible that the parent company may sell its Bitcoin holdings in order to help Tether regain its peg.

Investors take a cautious approach in the event that these projections come true.