$800 Million Liquidated As The Crypto Market Sinks Below $1.8 Trillion

Two days ago, social media platform Twitter was filled with comments from traders urging some crypto assets to stop ranging and “do something.” Events that have taken place over the past 24 hours seem like answers to these requests as these assets “did something.”

During the past intraday session, the global cryptocurrency market cap started a downtrend that extended for hours and left the industry at $1.79 trillion as of the time of writing. The valuation dipped as low as $1.77 trillion but as slightly improved.

Source: Coinmarketcap

As per reports from Coinglass, more than $800 million got liquidated during this period with a little above 84% of the REKT capitals from long positions. The market is seeing little stability as of the time of writing as most cryptocurrencies have returned to the consolidation phase.

Source: Coin360

The above image suggests that most digital assets are down by more than 10%. The top loser according to cryptocurrenciestowatch, the top loser over the last 24 is SCRT as has lost more than 22%.

Is It Over?

Many traders believe that the current bearish dominance will come to an end as soon the Bitcoin hits $38,000. One of these bulls is Johnwick.HODL who said that failure to purchase BTC at $38k is a waste of a good opportunity.

If you don’t buy #Bitcoin here at $38000, trust me you wouldn’t have bought it at $3800 in March 2020 as well.
Johnwick.HODL (@RajHodl) January 21 2022
It is important to note that the top coin dipped below $38k a few hours to the time of writing. The largest crypto asset hit $37,683 before rebounding. Could this be the low for 2022? We recall that a previous analysis stated that the possibility of a more than 20% decrease is looking more likely as BTC price movement is printing a head and shoulder pattern.
The article concluded by noting that the Death cross along with recent discoveries are indications that a retracement below $35k is undeniable. Nonetheless, we note the importance of market fundamentals and observed that the apex coin is receiving a lot of attention from institutions. Could this cause a change in the current market trajectory? Lets see