$100M Liquidated in 10 Minutes As Bitcoin Dipped to $51K

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Bitcoin’s slump con­tin­ues after expe­ri­enc­ing a sharp price decline over the last few hours. The dip caused over $200 mil­lion worth of long posi­tions to get liquidated.

  • Ear­li­er today, Bit­coin briefly reached $57.5k at 8:44am EST, after stag­nant­ly trad­ing with­in the $56–57k range.
  • The price sud­den­ly fell after­ward, drop­ping hun­dreds of dol­lars by the hour. Accord­ing to Bit­Stamp, Bit­coin fell to $51.5k. Binance Futures even saw the price drop below $51k.
  • Since then, the price has recov­ered slight­ly, trad­ing at $53,372 at the time of writ­ing. $53k is approx­i­mate­ly the $1 tril­lion mar­ket cap lev­el for Bitcoin.
  • There were major con­se­quences, how­ev­er. Data from glassnode shows that $112.4 mil­lion worth of long posi­tions were liq­ui­dat­ed with­in ten min­utes. Coin­glass shows $221 mil­lion liq­ui­dat­ed in the last 4 hours. That’s the largest liq­ui­da­tion Bit­coin has seen since ear­ly September.
  • Bitcoin’s fall seems to cor­re­late with the stock mar­ket. The NASDAQ end­ed in deep red today, with a near 2% drop after a very bad week.
  • On-chain met­rics con­tin­ue to favor a mid to long-term bull­ish out­look for Bit­coin, in the form of an extend­ed bull market.
Bit­coin 24hr Price. Source: Tradingview
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