Bitcoin plunged along with other cryptocurrencies on Saturday, which is another indication of the risk aversion sweeping across financial markets. The biggest cryptocurrency was down about 18%, the largest one-day loss since September.
Bitcoin was trading at $46,743 by 11:30 GMT on Yahoo Finance on Saturday, down 18% on the day. It was the largest one-day loss since September 7.
Also, Ethereum, Solana, Cardano, and Ripple XRP plunge double-digit percentages. The two meme tokens Dogecoin and Shiba Inu crashed as well.
Within minutes, Bitcoin went down by about $7,500 – a flash crash that is not that unusual in the volatile world of cryptocurrencies but is still causing a stir. For the moment, Bitcoin has plunged by over $10,000 since yesterday.
The altcoins also suffered heavy losses, including Ethereum (-16.3%), Binance Coin (-15.3%) and Solana (-21.3%), all posted double-digit percentage losses. In the wake of the sharp losses of the top 5 cryptocurrencies, Polkadot (-24.5%), Dogecoin (22.9%), Ripple XRP (-22.4%), Avalanche (-21.7%), and Cardano (-20.1%) also heavy enough.
According to data from Coinglass (formerly Bybt), positions worth around $2.57 billion have been liquidated in the past 24 hours, above 41% of them in BTC.
77.7% of Bitcoin closeouts in the past four hours were long. In total, positions were liquidated in the past 24 hours valued at $2.5 billion, of which approximately 85% were long positions.
According to Investing.com, the crypto market has lost about $550 billion in market cap to just $1.88 trillion at around 7:20am GMT, before recovering to $2.2 trillion at the time of writing.
BTC fell as low as $42,587, its lowest level since September 30, clearing any stop losses that were just below the all-important 200-day moving average at $46,253 before recovering.
The move downwards pushed Bitcoin’s market cap down to $896.13 billion, or 40.92% of the total cryptocurrency market cap. At its highest, Bitcoin’s market cap was $1,275.5 billion.
Bitcoin had traded in a range of $42,587.8 to $53,847.2 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 13.32%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $58.8 billion or 26.87% of the total volume of all cryptocurrencies. It has traded in a range of $42,587.8 to $59,174.4492 in the past 7 days.
At its current price, Bitcoin is still down 24.2% from its all-time high of $68,789.63, set on November 10.
Ethereum was last at $3850.70 on Yahoo Finance, down 16.5% on the day.
Dogecoin was trading at $0.16148 on Yahoo Finance, a loss of 22.9%.
SHIBA INU was last at $0.000034 on Yahoo Finance, down 21.1% on the day.
Binance Coin was trading at $525.92 on Yahoo Finance, a loss of 15.8%.
Ethereum’s market cap was last at $467.4 billion or 20.3% of the total cryptocurrency market cap, while Binance Coin’s market cap totaled $90.4 billion or 4.00% of the total cryptocurrency market value.