The Bitcoin price declined by seven percent in the last 24 hours, liquidating more than $185 million worth of longs. The drop comes hours before the highly anticipated weekly close of BTC.
$91 million worth of longs liquidated in a single hour
With many hours left on the day towards the weekly close, Datamish.com shows that $185 million worth of long contracts were liquidated, from 267 positions.
According to data from researchers at Skew, BitMEX alone saw liquidations of around $91 million within a single hour.
As the Bitcoin price fell from $8,633 to $8,160 in less than 45 minutes, it led to a cascade of buy liquidations, causing the cryptocurrency market to pull back significantly within a short period of time.
Other cryptocurrencies like Ethereum saw a steeper sell-off in the same period. ETH dropped by 12 percent on the day, from $237.9 to $211.25. Read More...