Traders lost more than $2.5 billion as bitcoin plummeted on Saturday night, according to Coinglass (formerly Bybt). The price of the first cryptocurrency momentarily fell to $42,000, after which it rose to the current marks of about $47,800. Over the past 24 hours, the cryptocurrency has fallen in price by 15%.
In just 24 hours, 400 thousand traders' margin positions were forced to close. The largest losses came from bitcoin transactions - over $1 billion. Users who traded Ethereum lost $621 million. Altcoin price was falling to $3.5 thousand at the moment, now it is $3.9 thousand, decreasing by 13% per day.
The total capitalization of the crypto market has fallen 15% in the last 24 hours, to $2.3 trillion, according to CoinGecko. Bitcoin has a 38.4% market share and Ethereum a 20.1% market share.
Earlier, the chairman and founder of Navellier & Associates Louis Navellier predicted an 80% correction of bitcoin and a decline in the value of the asset to $10,000. Navellier believes that the Fed's actions in the future will only increase the correction of high-risk assets, which are cryptocurrencies.
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