The fall in the price of bitcoin led to the collapse of altcoins, a noticeable decline was observed in currencies such as ETH, SPL, DOGGY, LINK, AVAX, SHIB and others. The total cost of liquidations significantly exceeds $300 million.

On Monday morning, the price of BTC rose to $65,000, but could not hold on to the level reached and quickly fell to $64,000. Tuesday started with less volatility, but later the situation changed when the cryptocurrency dropped to $63,000.

However, over the past 12 hours, the "bears" have really intensified, provoking a serious collapse of BTC, as a result of which its rate reached $58,100 — the lowest level since August 19

Despite the rebound and the current price of $59,500, bitcoin is still trading 6% lower for the day, and its market capitalization has fallen from $1.240 trillion to $1.170 trillion.

Altcoins have suffered even more. Ethereum has fallen by more than 8% and is now hovering below $2,500. SOL, DOGE, AVAX, SHIP, BC, DOT and LINK recorded losses of up to 8%.

Double-digit price drops for MATIC, SUI, FET, TAO and PEPE. The capitalization of the crypto market is losing more than $ 100 billion every day.

This volatility has hurt over-leveraged traders, as about 90,000 positions have been liquidated in the last 24 hours. The total value of the liquidated positions exceeded $320 million. The largest order was placed on Binance and cost more than $12.5 million.