June 19, 2021

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

1 min read

The previous 12 hours have actually been rather tense on the cryptocurrency market. Bitcoin, along with other cryptocurrencies, went through a huge correction, resulting in nearly $1.3 billion liquidations in 12 hours.

  • Today, Bitcoin was trading at over $41,000, even though it was apparently trapped in a range in between $39,600 and $41,500 for more than a day with no decisive moves in any direction.
  • Nevertheless, it all began a bit more than 15 hours back when the price tanked from $41,000 to about $38,900.
  • After that, we saw a couple of hours of stability, but the bears weren’t done yet. Earlier today, the price tanked from $39,800 to $37,000 and ultimately dropped to $34,322 before recuperating to its present rate of around $38,000.
  • This implies that BTC visited almost $7,000 or more than 16%.
btcusd_chart
  • BTC/USD. Source: TradingView BTC wasn’t alone in this, as the whole cryptocurrency market felt the pressure. At one point, prior to recuperating to the existing 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 huge liquidations. Information shows that practically $800 million in both long and short positions were liquidated in the previous 12 hours alone. This number increases to $1.45 billion on a 24-hour scale.
  • The largest single liquidation order happened on BitMEX on the ETH perpetual contract and it deserved a whopping $22.24 million.