Bitcoin Flash Crash: $220 Million Wiped From Crypto Market
In a dramatic turn of events, the cryptocurrency market witnessed a ‘Bitcoin flash crash’ that plunged the price of Bitcoin below the $69,000 mark. The aftermath of the crash left a significant impact on the market, with the recovery efforts failing to compensate for the initial losses. This downward trajectory led to a substantial number of cryptocurrency traders losing their leveraged positions, symbolizing a bearish trend in the market. Data from Coinglass revealed that more than 81,000 traders faced liquidation during the crash, leading to a cumulative loss surpassing $223 million. The most substantial single liquidation took place on the OKX exchange platform, where a trader incurred a loss of $7 million. A majority of these losses were from long traders, who contributed to 70.01% of the total liquidation volume, which astonishingly hit $156 million within the last 24 hours. The OKX exchange platform recorded the highest liquidation volume, trailed by Binance and Bybit. Among cryptocurrencies, Bitcoin and EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More had the most substantial liquidation volumes. Other cryptocurrencies like Dogecoin and PEPE were not spared, indicating the far-reaching implications of the Bitcoin flash crash. Despite ongoing recovery efforts, the price of Bitcoin is wrestling with resistance at the $69,500 level. Moreover, long traders continue to accumulate losses, illustrating a grim trend for these investors in the cryptocurrency market. The Bitcoin flash crash paints a cautionary picture for traders, hinting at the inherent volatility and risks involved in the crypto trading sphere.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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