Investors' pockets have been hit hard. In the last 24 hours, over 52,000 investors have seen $800 million of their assets go through liquidation.

The last few hours have seen the crypto market shed over $20 billion. This comes as global markets continue to panic. The latest commodity to send shock waves is oil which plunged by 30% at the start of the week. Other markets followed with European futures falling 8%, S&amp;P 500 futures about 5% and Asian markets are down between 1% to 6%. Bitcoin on its part is down 10% at the time of writing this.

Bitcoin's drop sees it fall below $8,000, wiping off much of its 2020 gains.

Other top cryptocurrencies have wiped off between 5% to 20%. In the wake of this, investors have counted their losses in huge liquidations. According to data from<a href="https://www.bybt.com/LiquidationData"> Bybt.com</a>, over $500 in Bitcoin has been liquidated. Across the entire market, over $800 million in crypto has been liquidated in top exchanges.

The data further shows that the investors who have suffered liquidation are a little over 52,000, and the worst-hit got $10 million liquidated in a single trade.

It has been clear that sentiments were still bullish coming into this week. This especially after the<a href="https://www.cryptoknowmics.com/crypto/global-financial-market-under-turmoil-can-bitcoin-become-the-savior/"> market showed signs of a comeback</a> earlier last week. At the time, bitcoin climbed from its $8,800 range to top at $9,200.
<h3>What Triggered The Crash?</h3>
The reason for the market crash has been blamed on the oil price crash which has triggered global financial panic. Additionally,<a href="https://www.cryptoknowmics.com/crypto/plustoken-dump-could-be-behind-bitcoin-price-drop/"> the PlusToken scam</a> has been influencing the market.

The scammers are believed to be dumping. During the weekend, they moved around $13K BTC through a mixer. This BTC is worth more than $100 million. Their dump is guaranteed to see demand fall and panic set around Bitcoin.

Twitter analyst<a href="https://cointelegraph.com/news/bitcoin-drop-due-to-13k-btc-plustoken-scam-not-coronavirus-analysts"> Kevin Svenson</a> has backed this thought stating;
<blockquote>“They are slamming the market with sell orders. Essentially we have a giant whale unloading after every move up,”</blockquote>
<h2>Bitcoin Set To Bounce Above $8K Or More Liquidation?</h2>
The bulls will look to get Bitcoin above $8,000 before a further plunge sees Bitcoin set range in the $7K area. A further test of the $7,500 positions could also see more investors lose through liquidation.  Most analysts have noted that with the Coronavirus, global market panics, Bitcoin halving, and now a whale in the form of the PlusToken scammers, there's no guarantee that Bitcoin behaves as predicted. This is its time to break or make it.

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Over $800M Liquidated Following Market Plunge; What Happened?

Since Bitcoin dropped below $8K, over $800 million has been liquidated across top crypto exchanges. Sentiments are currently low with risk of further drops.

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

Over $800M Liquidated Following Market Plunge; What Happened?

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