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$30 Million Liquidated as Bitcoin Price Plunges to $6,600


$30 Million Liquidated as Bitcoin Price Plunges to $6,600

Over the past two hours, Bitcoin has rapidly reversed after it passed $7,000 on Sunday. As of the time of this article’s writing, the cryptocurrency trades at $6,675, some 8% below the daily high around $7,200. BTC wicked as low as $6,580 just minutes ago. According to data from Skew.com, this strong move lower resulted in $30 million worth of long-side liquidations on BitMEX while other platforms probably saw a similar move. Sellers seem to be accumulating shorts into the crash, with BitMEX open interest denominated in BTC actually rising from around 71,000 BTC to 73,000 BTC amid the drop. It isn’t clear what caused this move, but gold has begun to rally while the futures for the American stock market (S&P 500 futures and Dow Jones futures) have seen a tepid open after a record rally last week. Read More...