$550 Million in Crypto Liquidated as Bitcoin and Ethereum Plunge Significantly

The flagship digital currency, Bitcoin, has lost over 7%, falling to $21,467, and Ethereum has fallen by 6.6%, trading at $1,726. The reasons for the plunge are not immediately clear.

BITCOIN FALLS 7.5% TO $21,467; ETHER DOWN 6.6% AT $1,726

— *Walter Bloomberg (@DeItaone) August 19, 2022

However, Bitcoin was pushed down to a three-week low after surpassing the $25,000 level for the first time in two months. BTC went down 7.5% to hit $21,467 briefly, but then it quickly recovered to the present level of $21,774.

Ethereum went down 6.6%, touching the low of $1,723. By now, ETH has recovered a bit of its losses, sitting at $1,741.

In the meantime, over half a billion in crypto has been liquidated over the past 24 hours. Aside from Bitcoin and Ethereum, lots of positions on Dogecoin, ADA and SOL were liquidated.

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$550M liquidated in 24h pic.twitter.com/hFBW4B6hAx

— Lex Moskovski (@mskvsk) August 19, 2022

A total of $8.6 million in DOGE, $6.7 million in ADA, $203 million in Bitcoin and $137 million in Ethereum were liquidated.

According to chief analyst at AvaTrade and Forbes, Naeem Aslam, shares of crypto companies Coinbase, Marathon Digital and Riot Blockchain have plunged, following Bitcoin.

COINBASE DOWN 7.6%, MARATHON DIGITAL SLIDES 11.2%, RIOT BLOCKCHAIN SLUMPS 10.7% PREMARKET AS BITCOIN FALLS 6.4%

— Naeem Aslam (@NaeemAslam23) August 19, 2022