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$353 Million Worth of Crypto Liquidated as Bitcoin Falls to $38,000

Bitcoin’s price fell to an intraday low of $38,250 on the Bitstamp exchange today which is the lowest level reached since the early days of August 2021.

BTC
Image by tradingview.com

BTC is now being traded for $38,800 and it seems to have problems with a needed quick comeback.

Yesterday, the King of Crypto recovered to $43,500 but it was all a bear trap as it now fell by 12%.

Across the previous four hours alone around $372.65 million worth of crypto has been liquidated with long positions representing over 90% of this wipeout.

Naturally, altcoins took a blow as well, with Avalanche and Binance Coin especially recording big losses.

Earlier this month, Mike Novogratz predicted that Bitcoin would bottom out at $38,000 which is seen as a major support level.

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