Bitcoin falls below $20,000, crypto liquidations cross $300 million as fear grips the market

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Crypto traders have suffered a staggering $308 million in liquidations in the past 24 hours as markets took a hit following news that crypto-enabled bank Silvergate Capital Corp SI is ceasing operations.

What happened: Data from CoinGlass shows Binance traders suffered the biggest loss of $106 million, across all exchanges, followed by $74 million in losses on OKX and $42 million on Huobi.

Bitcoin Fear and Greed Index points to 34, indicating fear in the market.

See More: Top Indian Apps That Offer Bitcoin, NFT Rewards

Over $308 million worth of cryptocurrencies were liquidated in a single day, with Bitcoin BTC/USD leading at $120 million, followed by Ethereum ETH/USD at $75 million and Dogecoin DOGE/USD at 3, $86 million.

Over the past 24 hours, trading positions totaling $248 million have been liquidated as long bets on an increase in market prices. This exceeds the highest daily liquidation of long positions of the year, which recorded $254 million on February 9, according to Coinglass.

Price Action: At the time of writing, BTC was trading at $19,958, down 8.20% in the last 24 hours, according to Benzinga Pro.

Read more: Fed assembles crypto task force as Silvergate collapse unnerves investors

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