Posted by Bitcoin, the world’s largest cryptocurrency by market capitalisation has lost nearly $3K as it traded at its $48K support level, yesterday.
Crypto analysts and investors view this level as crucial for bitcoin in staging its outlook come 2022.
Also nearly $370 million were lost by investors due to liquidation, flipmemes reports.
80% of these liquidations occurred on long positions, which are futures contracts in which traders bet on a price rise.
For the day 129,644 traders were liquidated at the Crypto futures market. The largest single liquidation order happened on Bybit, valued at $5 million.
Bitcoin declined as much as 4.5% on Tuesday and was trading at about $48.5k at about 6pm West African time. Ether, the world’s leading altcoin by market value was also in the red, with each falling more than 3%.