Bitcoin Plummets Below $16k, Taps Another 2‑Year Low

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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.
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