It’s safe to say that bitcoin went through one of its most painful 24 hours as the asset plunged by over 10%, which in terms of USD meant a $10,000 decline.Such massive volatility not only brought the entire crypto market down but caused mind-blowing liquidation numbers of $1.6 billion on a 24-hour scale. One particular wrecked position, though, caught many people’s attention.Data from CoinGlass shows that nearly 390,000 traders have been wrecked in the past day. Naturally, almost all of the $1.59 billion in liquidations was caused by longs, as they comprise roughly 90% of the total ($1.43 billion).A single whale, though, operating on the Justin Sun-affiliated exchange, HTX, was hit the hardest during this most recent crash by losing $39.62 million. This largest liquidation order involved the BTC/USDT trading pair and represents over 5% of all bitcoin positions that were wrecked today.Cryptocurrency Liquidations. Source: CoinGlassThis comes amid a highly volatile and painful day for the cryptocurrency market. Bitcoin’s price started to head south yesterday afternoon, despite Strategy’s most recent purchase, and slipped from $96,000 to $94,000. However, the real turmoil came today as the cryptocurrency plunged to $86,000, which became its lowest level since mid-November.Moreover, BTC’s losses since Friday have extended to over $13,000, and here are some of the potential reasons behind this massacre.After losing such a substantial chunk of its value within mere days, analysts are now torn about whether this is a regular correction during a bull market or it’s all over for this cycle.Ali Martinez noted that BTC has broken down from a parallel channel that started in November. He envisioned an even more steep crash that can take bitcoin south to $80,000. Consequently, he advised investors to be wary as there might be a more favorable time to ‘buy the dip.’The post Someone Was Liquidated for $40 Million as Bitcoin Slumps by $10K Daily appeared first on CryptoPotato.