Bitcoin’s price volatility has returned at the start of the business week, with the asset getting rejected at $84,000 yesterday, only to crash by over three grand before staging a notable comeback.
With most altcoins following a similar trajectory, it’s no wonder that the total value of wrecked positions has skyrocketed to well over $800 million on a daily scale.
BTC experienced a major leg down at the end of the previous business week when the bears drove it hard to an 18-day low of $80,400. However, the bulls finally stepped up at this point and helped it recover to $83,000 during the weekend.
The asset even tried to take down the next key level on the path of recovery at $84,000, but the bears intervened on Monday morning.
The subsequent rejection culminated earlier on Tuesday morning with another nose-dive. This time, though, BTC marked a higher low, dipping to just $80,850 (on Bitstamp).
Its rebound has taken it to almost $83,500 as of press time. The latest moves took place in just a few hours, and most altcoins mimicked them. ETH, for example, slumped to $2,410 before it recovered $100.
Although XRP also rebounded from the morning low of $1.31 and now sits at $1.36, it’s more than 3% down in the past 24 hours after it was stopped at $1.40.
As expected, these substantial fluctuations have resulted in a large number of liquidations. Data from CoinGlass shows that $810 million worth of longs and shorts have been wrecked daily, with longs responsible for roughly 85%.
The number of wiped-out traders is also quite high at 173,611 as of press time. The single biggest wrecked position took place on Binance and was worth over $9.6 million.
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