For the second time this month, bitcoin has dipped below $40,000, hitting $38,642 mid-way through the Asia trading session.
Bitcoin is down by nearly 8% in the last 24 hours, according to CoinGecko. Ether is also down by nearly 10%, hitting $2,841.Other layer-1s such as Solana and Cardano have also been dragged down, posting declines of 9% and 10% respectively.According to CoinGlass, there have been nearly $600 million in liquidations during the last 12 hours. Bitcoin led the liquidation pack at $250 million, followed by ether at $163 million and SOL at $10.9 million.Binance led the pack in liquidations at $173 million, with 91% being long positions. Asia-focused exchange Okex was next at $170 million, with the majority being longs.The largest single liquidation order happened on Bitmex in the USDT-bitcoin perpetual swap and was valued at $9.91 million.