Bitcoin Price Plunges By $1.4K In Minutes

Bitcoin price plunges by $1.4k in minutes. On Sunday, Bitcoin suffered a fall in price of $1,458 in less than an hour. The sudden slide caught off guard many traders, forcing a considerable amount of market buying pressure out.

The sudden price drop has liquidated nearly $1.4 billion worth of positions across major exchanges, as noted by derivatives data provider Bybt.

The price drop triggered $144 million worth of sell liquidations or forced closure of long positions on BitMEX, the highest since May 10, according to data source Skew.

The Seychelles-based exchange also registered buy liquidations or forced closure of short positions worth $7.6 million. Within the previous 24 hours, at least 72,422 positions were liquidated, with the largest, that of $10 million, occurring on BitMEX.

Nearly 95% of BitMEX liquidations were long positions – a sign the leverage was skewed to the bullish side – which isn’t surprising given the cryptocurrency recently charted a bullish breakout with a move above $10,500.

At press time, the cryptocurrency was trading near $11,031, representing a 5.5% drop on a 24-hour basis. Prices are still up nearly 57% on a year-to-date basis.

[image: Clifford Photograph]

bitcoin
Bitcoin (BTC) $ 66,661.86 0.73%
ethereum
Ethereum (ETH) $ 3,251.10 2.80%
tether
Tether (USDT) $ 1.00 0.05%
bnb
BNB (BNB) $ 607.91 1.24%
solana
Solana (SOL) $ 157.92 2.64%
usd-coin
USDC (USDC) $ 1.00 0.05%
staked-ether
Lido Staked Ether (STETH) $ 3,251.75 2.83%
xrp
XRP (XRP) $ 0.549432 0.08%
dogecoin
Dogecoin (DOGE) $ 0.161352 2.36%
the-open-network
Toncoin (TON) $ 5.87 5.68%
   
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