$1.58 Billion Liquidated Across Exchanges as Bitcoin Falls Below $57,800

At the time of writing, Bitcoin (BTC) made up most of these liquidations. $12.33 million worth of BTC was liquidated, followed by Ethereum (ETH) at $1.36 million, Theta (THETA) at $939.01 thousand, Ripple (XRP) at $852.08 thousand, and Storj (STORJ) at $694 thousand.  

In addition, four other assets including Filecoin (FIL), Harmony Protocol One Coin (ONE), Alpha Coin (ALPHA), and Ankr (ANKR) made up almost another $700 thousand in liquidated positions. 

Binance accounted for half of the liquidations at 50%. Bybit and Huyobi accounted for 27% and 16% respectively. 

The biggest single liquidation order happened on the Seychelles-based cryptocurrency exchange, Huobi-BTC, valued at $10.2 million. 

BTC and ETH Returns Down as Coins Liquidated

Bitcoin has been decreasing since, peaking at $61,884. It is currently trading at $55,237, with 24-hour returns down 3.61%. 

Falling below the $57,800 validated it as resistance. The current downturn has resulted in a bearish outlook for the coin reaching new heights since the beginning of the year. 

However, it’s always hard to tell with Bitcoin, and despite the struggle to get back over $58,000, long-term optimism has analysts holding onto hope for another bullish upswing shortly. 

Much like bitcoin Ethereum has been on a downward trajectory since reaching a high of $1,943 on March.13. 

ETH is currently trading at $1,711.25, a 3.79% decline over the last 24 hours. Much like Bitcoin, it’s hard to tell if this will create a continued decline or preceded a bullish bounce.

Storj Passes $1.22 Resistance 

Storj has passed its $1.22 resistance level, reaching $1.33 at the time of writing. This represents a 37.50% increase over the last 24-hours. 

Breaking this barrier is unsurprising as a bullish trend had been spotted in the coin’s recent upward trajectory.