Total liquidation hits $1.2 billion as bitcoin trades below $27,000.

Purpose of bitcoin?

Bitcoin was created as a way for people to send money over the internet. The digital currency was intended to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies.

Total liquidation hits $1.2 billion as Bitcoin trades below $27,000

Bitcoin has fallen below a critical $30,000 support zone, and with it, over 428,000 traders have lost a total of $1.22 billion in the last 24 hours as margin calls and loss of funds have become the order of the day. Many have compared the decline in the market to what was seen in the 2008 market crash while others have likened this selloff to the famous episode, ‘the red wedding’ of the popular TV series, Game of Thrones.

READ: Crypto bl00dbath: $840 million liquidation as Bitcoin falls to $30,000

The entire cryptocurrency market capitalization has fallen approximately 20% as it currently stands at $1.16 trillion as of the time of this writing, with strong indications that the market will soon lose its trillion-dollar status.

As with bitcoin, so is every other altcoin posting declines of 40% and more in the last seven days as the sell-off deepens. A major focus has been the LUNA token, the native token of the Terra blockchain, trading as low as $0.28, after its native programmable stablecoin lost its peg, which currently trades $0.65 as of the time of this writing.

READ: Important Information to All Nigerians Who Have Linked their NIN with Their SIM Card

Richard Branson once said – People have made fortunes off Bitcoin, and some have lost money. It is volatile, but people make money off of volatility too. So many people have made fortunes with PayBuyMax By giving the best rate.

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Total liquidation hits $1.2 billion as bitcoin trades below $27,000.

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