Bitcoin and Ethereum Continue To Plunge With Over $110m Cryptocurrency liquidated

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Bitcoin and Ethereum had quite a pretty sedate week, while there is still some turbulence though the cryptocurrencies have failed to break through their own individual resistivity. Bitcoin’s value was hindered at $30k, whereas Ethereum remained racing over $1,800.

According to statistics released by Coinglass, a wave of liquidations swept through various crypto exchanges as Bitcoin temporarily fell to $28,955 and Ethereum fell to $1,830, causing traders to lose $116 million in an hour.

BTC has dropped below $29,000 in the last hour, while ETH has dropped below $1,815. According to Coinglass statistics, the network’s total liquidation volume in the last hour hit $110 million.

The entire amount of bitcoin holdings liquidated is above $41 million. Bitfinex ($28.98 million), Okex ($44.68 million), and Binance ($22.47 million) were the exchanges with the longest liquidations.

When a dealer misses the initial margin on a transaction, the position is instantly liquidated. The most popular digital currency has returned to $29,191, while Ethereum is currently trading at $1,841.

Santiment tweeted that a specific number of significant whale wallets are continuing to rise while Bitcoin remains in the $29,000 range. Between 100 and 1,000 bitcoins are stored at these addresses. 

Since late January, when the price of Bitcoin dropped to around $33,500, these wallets have started buying more. Nearly 190 new wallets have been introduced in the last three months.

According to Santiment, the growing number of this form of BTC address demonstrates a link with the price as both began to rise in the past.