Black Friday crypto crash: Bitcoin slumps below $55k, over $300M liquidated in an hour

Black Friday crypto crash: Bitcoin slumps below $55k, over $300M liquidated in an hour

Bitcoin’s latest attempt to reclaim the $60,000 benchmark has been foiled by the bears as the flagship cryptocurrency plunged to its lowest levels since the second week of October.

Late Thursday, Bitcoin surpassed $59,000 for the first time in several days. However, attempts to beat the resistance ended in a retreat following a hefty $5,000 red daily candle. Within an hour, liquidations rose to over $300 million as Bitcoin and the rest of the crypto market saw massive losses. As of press time, Bitcoin was trading at $55,000 after falling to a 24-hour low of $54,500.

The latest market crash may not be unconnected with reports of a new mutated variant of COVID-19. Bitcoin lost more than $3,000 an hour after the news broke.

Several altcoins did not respond well to Bitcoin’s fall. Ethereum, for instance, is currently trading at around $4,000, a 5% daily drop. Similarly, Solana, Polkadot, Ripple, Dogecoin, Avalanche, and CRO have also lost substantial chunks of value – between 9% and 15% on a 24-hour candle.

As for liquidations, on-chain data shows that more than $300 million was wiped away within an hour and over $600 million on a daily scale.

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MatchAwards Platform Demonstrates Why the MAPU Token Value Reflects Platform Confidence Over Speculative Trading

MatchAwards Platform Demonstrates Why the MAPU Token Value Reflects Platform Confidence Over Speculative Trading

Advanced AI-Powered Economic Development Platform with 75,000+ Users Positions Utility Token as Business Confidence Indicator Fayetteville, NC – MatchAwards, the leading AI-powered platform connecting businesses with government contracts and economic opportunities, today announced insights into why the MAPU token’s value strategy differs fundamentally from speculative penny token trading approaches.

By John Williams