Bitcoin crashed back beneath $16,000 on Monday, marking another 2-year low of $15,588.
- Bitcoin began to show weakness at $16,000 at roughly 16:30 UDT, when the price briefly wicked down to $15,917.
- The asset then recovered to roughly $16,000, before crashing again to $15,588 at 19:45 UDT.
- Ethereum also collapsed below $1,100 to just $1,084 at the time.
- The last time Bitcoin’s price touched these lows was in early November 2020, prior to Bitcoin’s bull market run that took it to $64,000 in April 2021.
- This is Bitcoin’s second time recording a 2-year low this month, after its descent to $15,700 in the wake of FTX’s collapse.
- Contagion from the fallout continues to spread, with major lending firms like BlockFi and Genesis both halting withdrawals and seeking financial aid.
- Bitcoin miners also appear to be selling Bitcoin at a record pace, as increased network difficulty and low Bitcoin prices squeeze their profit margins.
- According to Coinglass, over 67,000 traders were liquidated within the past 24 hours, for $188 million in total. The largest single liquidation took place on BitMEX for $7 million.