$429,000,000 in Bitcoin and Crypto Liquidated in Just 24 Hours as Powerful Law Enforcement Agencies Target Ethereum
Hundreds of millions of dollars worth of Bitcoin (BTC) and other crypto assets have been liquidated in the past 24 hours as a powerful law enforcement agency sets its sights on Ethereum (ETH).
New data from Coinglass shows that 137,969 traders were just liquidated worth $429,000,000, with the majority of traders losing bets on BTC and ETH, which received $141 million and $110 million in liquidations respectively.
Other prominent cryptoassets affected include smart contract platform Solana (SOL), Bitcoin alternative Litecoin (LTC), meme asset Dogecoin (DOGE), layer-2 scaling solution Polygon (MATIC), oracle provider Chainlink (LINK), and XRP.
Bitcoin and Ethereum are trading at $19,935 and $1,406 at the time of writing, both down over 6% in the last 24 hours.
The broad market plunge comes as the Biden administration and New York’s attorney general launch a crackdown on crypto assets and their owners.
ETH has been labeled a security by New York Attorney General Letitia James in a lawsuit filed in New York Supreme Court on Thursday, and the Biden administration is targeting Bitcoin mining in a new tax proposal, following the regulatory push that collapsed crypto-friendly bank Silvergate .
The macro economy is not helping the crypto markets either.
Shares are reeling after the collapse of Silicon Valley Bank, which was officially shut down by regulators today after reporting a $1.8 billion loss from selling mostly U.S. Treasuries.
Mainstream economists believe that banks can buy government bonds as a safe way to diversify their assets, but the Fed’s sharp rate hikes have sent their prices into a downward spiral.
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