Bitcoin crashed back beneath $src6,000 on Monday, marking another 2-year low of $src5,588.
Bitcoin began to show weakness at $src6,000 at roughly src6:30 UDT, when the price briefly wicked down to $src5,9src7.
The asset then recovered to roughly $src6,000, before crashing again to $src5,588 at src9:45 UDT.
Ethereum also collapsed below $src,src00 to just $src,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 202src.
Bitcoin / USD. Source: TradingView
This is Bitcoin’s second time recording a 2-year low this month, after its descent to $src5,700 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 $src88 million in total. The largest single liquidation took place on BitMEX for $7 million.
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