$250,000,000 in Bitcoin and Crypto Liquidated as Markets Reverse Sharply

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A sudden drop in the price of Bitcoin triggered a deluge of sell-offs in the crypto markets.

According to data from CoinGlass, $250 million in crypto assets was liquidated as BTC teleported from $23,443 to $22,259 within minutes.

Long traders on Bitcoin and Ethereum were the hardest hit, with $76 million and $40 million in liquidations, respectively.

A specific catalyst for the crash has not been identified at press time, although crypto markets continue to face headwinds.

Investors are also analyzing the potential impact of an exodus of customers from crypto-friendly bank Silvergate, which recently announced that it will have to conduct a new audit to assess its longevity after the collapse of FTX.

Pseudonymous trader and analyst Credible Crypto said that BTC reached low-end support at $22,243 and needed to hold the line to avoid further downward movement.

“There is our low timeframe support drop as expected. Now the bulls need to take a stand here.

If they fail then my downside target will be met ASAP…I will also add that until/unless we break the lows at $21,373 I am leaning bullish (green path).

Source: Credible Crypto/Twitter

Bitcoin is trading at $22,358 at press time, down 4.9% in the past 24 hours.

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