Crypto Bloodbath Liquidates $640 Million in the Past Day

The crypto bloodbath continues as Bitcoin dipped below $54,000 with the rest of the market following its lead.

This week was really rough for the crypto market with the start of a major sell-off and most cryptocurrencies crashed to multi-month lows.

Bitcoin (BTC) in particular dipped to $53,700 and Ethereum (ETH) lost the $3,000 level.

The market’s total cap declined by 6.95% to $1.98 trillion, singaling a potentnial short to mid-term bearish scenario.

Panic selling began after the German government started selling large amounts of Bitcoin from their wallet. The Mt.Gox repayment plan and the expected sell-off also fueled investors’ fear.

In the past 24 hours liquidations peaked at $637,69 million with $540.51 million in longs and $97.29 million in short positions.

At the time of writing Bitcoin is trading at $54,400 and Ethereum is priced at around $2,870.