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Correction Time: Bitcoin Plunges $7000 in Hours as $1.3 Billion Liquidated

The past 12 hours have been rather tense on the cryptocurrency market. Bitcoin, as well as other cryptocurrencies, went through a massive correction, resulting in almost $1.3 billion liquidations in 12 hours.

  • This morning, Bitcoin was trading at over $41,000, even though it was seemingly trapped in a range between $39,600 and $41,500 for more than a day without any decisive moves in any direction.
  • However, it all began a little more than 15 hours ago when the price tanked from $41,000 to about $38,900.
  • After that, we saw a few hours of stability, but the bears weren’t done yet. Earlier today, the price tanked from $39,800 down to $37,000 and ultimately dropped to $34,322 before recovering to its current rate of around $38,000.
  • This means that BTC dropped by almost $7,000 or more than 16%.
btcusd_chart
BTC/USD. Source: TradingView
  • BTC wasn’t alone in this, as the entire cryptocurrency market felt the pressure. At one point, before recovering to the current levels, the market capitalization had lost more than $120 billion. It managed to rebound and reclaim the $1 trillion mark at the time of this writing.
  • This volatility resulted in massive liquidations. Data shows that almost $800 million in both long and short positions were liquidated in the past 12 hours alone. This number goes up to $1.45 billion on a 24-hour scale.
  • The largest single liquidation order happened on BitMEX on the ETH perpetual contract and it was worth a whopping $22.24 million.
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About The Author

George Georgiev

Georgi Georgiev is CryptoPotato’s editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi’s passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn’t looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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