At least 300,000 dealers have been forced to sell their cryptocurrency holdings.
Even though LUNA has fallen below $1 (a weekly loss of approximately 99 percent), Terra is leading the market decline. In addition to Bitcoin and the altcoins, the total liquidations have exceeded $700 million on a daily basis.
Earlier today, CryptoPotato revealed that the total market capitalisation of all cryptocurrency assets had dropped to $1.350 trillion, a 10-month low.
Since then, the situation has deteriorated as BTC failed at $31,000 and began dumping again. The major cryptocurrency just hit $29,000, its lowest point since July 2021.
The altcoins are in the same predicament as usual. On the other hand, Ethereum is down 10% to below $2,200, BNB is below $300 (-15%), while Solana, Avalanche, Polkadot, Dogecoin, and many others have lost more than 20% on a daily basis.
LUNA, Terra’s native cryptocurrency, has taken the brunt of the blow. Because of the events of the last week, which led to the de-pegging of UST from its alleged $1 price, users have been able to benefit from LUNA arbitrage.
As a result, LUNA’s price plunged below $1 early today as a result of the selling pressure. Six days ago, the asset was trading at $90. In less than a week, it has lost almost all of its worth.
For over-leveraged crypto traders with large positions, this heightened volatility resulted in massive losses, with the total liquidations exceeding $700 million on a 24-hour basis. Nearly 300,000 deals have been closed off, with the highest liquidation order on Binance totalling $20 million (ETH-USDT).
Also Read: Coinbase Is Blaming India’s Central Bank For The Company’s Decision To Leave The Market
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