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Bitcoin slumps below $55k, over $300M liquidated in an hour By BTC Peers

by Mike Robinson

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© Reuters. Black Friday cryptocurrency crash: Bitcoin drops below $55k; over $300M was liquidated in one 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.

The figure reached $59,000 late Thursday night, the highest in many days. After a $5,000 daily red candle, efforts to overcome the resistance failed. In less than an hour liquidations soared to more 300 million dollars as Bitcoin and other crypto markets suffered massive losses. Bitcoin traded at $55,000 as of press time after dropping to $54,500 in 24 hours.

Reports of a new mutation of COVID-19 may be a factor in the latest market crash. Bitcoin fell more than $3,000 in an hour following the breaking of the news.

Several altcoins did not respond well to Bitcoin’s fall. For example, CRO is trading around $4,000 at the moment, which represents a 5% daily decline. Similarly, , , , , , and CRO have also lost substantial chunks of value – between 9% and 15% on a 24-hour candle.

In terms of liquidations, data on-chain shows that $300 million to $600 millions was spent in less than an hour.

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