Bitcoin was trading steady at around $44,000 before the bears took control over the market and initiated a massive dump that drove the asset to a weekly low of just under $41,000.
With most altcoins in a similar freefall state, the total value of liquidated positions has skyrocketed to over $400 million on a daily scale.
CryptoPotato reported over the weekend that BTC remained relatively calm at around $44,000 following the bullish business week, in which the cryptocurrency soared by more than 11%.
This resulted in tapping $44,700 at the end of the week, which became its highest price tag in over a year and a half.
However, Monday morning started on a negative note with a massive price dump that drove the largest cryptocurrency south hard. In a matter of an hour, BTC slumped from around $44,000 to just under $41,000 (on Bitstamp) to register a weekly low.
It has recovered some ground and currently trades above $42,000. However, this has only harmed over-leveraged traders as the total value of liquidated positions has soared to more than $400 million on a 24-hour scale.
The number stands at $360 million in the past 12 hours. In total, 120,000 traders have been liquidated within the past day, and the single largest wrecked position was worth over $8 million and took place on OKX.
The altcoins are in no better shape, as Ripple, Cardano, Polkadot, Chainlink, Shiba Inu, and many others have dumped by over 6% in a day. Avalanche is the only larger-cap alts sitting in the green now.