Over $400M in Liquidations as BTC Slumps to 13-Day Lows, SHIB and DOGE Plummet by 13%

Over $400M in Liquidations as BTC Slumps to 13-Day Lows, SHIB and DOGE Plummet by 13%


Bitcoin’s price has been on the decline for the past several days and the landscape worsened earlier this morning when the asset fell to a 13-day low of under $64,500.

The altcoins are in even worse shape, and the total liquidations have skyrocketed to more than $400 million on a daily scale.

BTCUSD. Source: TradingView

As the chart above shows, the last time Bitcoin had such a price tag was after it broke the 2021 ATH of $69,000 and dumped hard by about ten grand in hours. In the next week or so, the cryptocurrency went on a roll, shot above $70,000, and reached a fresh peak of nearly $74,000 last Thursday (March 14).

Since then, though, the asset has failed to continue or keep its momentum going. It dumped by more than $8,000 on Friday and failed at overcoming $70,000 during the weekend.

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The start of the current business week saw another decline on Monday, followed by an unsuccessful recovery attempt. The last 24 hours brought even more pain as BTC dumped to $64,400 for the first time since March 6.

The alternative coins have suffered as well, with ETH dropping to under $3,400. SOL, which surpassed BNB as the fourth-largest cryptocurrency yesterday, is down by 9% and sits at $185. BNB itself has shed 8% of its value and trades below $530.

The two largest meme coins – DOGE and SHIB – have both dropped by 13% in a day to $0.13 and $0.000025, respectively.

This has resulted in a lot of pain for over 175,000 traders, which have been liquidated in the past day. The total value of wrecked positions is well over $400 million, with longs responsible for the lion’s share.

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