Bitcoin’s price crashed below $30,000. We haven’t seen these levels since January 2021.

Things in the cryptocurrency market are looking increasingly bad as the price for bitcoin just crashed below $30,000.

• Bitcoin’s price is currently trading below $30,000.

• This hasn’t happened in months as the last time we saw these levels was in January 2021.

BTC/USD. Source: TradingView

• Other cryptocurrencies are also following suit with most of the altcoins charting double-digit declines on the weekly.

• This has also led to almost $800 million worth of liquidated positions across the major exchanges over the past 24 hours.

• The largest single liquidation order happened on Bybit. It was a Bitcoin position with a face value of $5.4 million.

• Not surprisingly, the majority of liquidations came from long positions. In the past hour alone, around 94% of the longs were wiped off.