Bitcoin and Ethereum Dump to Monthly Lows, $200M Liquidated as Market Turns Red

Yesterday's minor relief rally quickly came to a halt as the entire market turned red once again. Bitcoin and Ethereum both dumped to monthly lows before recovering slightly.

The price of Bitcoin and Ethereum dropped significantly on Monday, March 20, leading to large-scale liquidations in the cryptocurrency market.

According to data from CoinGlass, over 73,000 traders were liquidated in the past 24 hours, with the total value of liquidated positions reaching nearly $200 million. The largest single liquidation occurred on Binance and was worth almost $3 million, involving the ETH-USDT trading pair.

The price of Bitcoin, which came close to reaching $60,000 on Monday, dropped to a monthly low of $55,600 on Bitstamp. However, the asset later recovered slightly and was trading at around $56,600 at the time of writing.

Meanwhile, Ethereum also experienced a significant drop, losing over $200 in a day and falling from nearly $2,550 to $2,300. Despite recovering some ground and trading at $2,370, the second-largest cryptocurrency was still down by 5.5% on the day.

The broader cryptocurrency market also faced challenges, with several altcoins posting notable losses. TON, NEAR, ADA, SOL, and AVAX slipped by 8%, 7%, 6%, 6%, and 6%, respectively.

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