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]
