$ 100 million liquidated in 10 minutes as bitcoin fell to $ 51,000
Bitcoin’s fall continues after experiencing a sharp drop in prices over the past few hours. The decline resulted in the liquidation of over $ 200 million in long positions.
- Earlier today, Bitcoin briefly hit $ 57.5,000 at 8:44 a.m. EST, after stagnating in a range of $ 56 to $ 57,000.
- The price suddenly dropped afterwards, losing hundreds of dollars an hour. According to BitStamp, Bitcoin fell to $ 51.5,000. Binance Futures even saw the price drop below $ 51,000.
- The price has since rallied slightly, trading at $ 53,372 at the time of writing. $ 53,000 is roughly $ 1,000 billion in market capitalization for Bitcoin.
- There were, however, major consequences. Glassnode data shows that $ 112.4 million long positions were liquidated in ten minutes. Coinglass shows $ 221 million liquidated in the last 4 hours. This is the biggest sell-off Bitcoin has seen since early September.
- Bitcoin’s fall appears to correlate with the stock market. NASDAQ finished in deep red today, dropping nearly 2% after a very bad week.
- Chain measures continue to favor a medium to long term bullish outlook for Bitcoin, in the form of a prolonged bull market.
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