Bitcoin crashed $1,500 in 10 minutes after breaking $12,000
Bitcoin and Ethereum crashed by over 13% and 20% respectively in about 10 minutes as more than $1 billion of positions were liquidated.
According to market data site Bybt, more than 72,422 people were liquidated in the last 24 hours. The largest single liquidation order worth $10 million happened on BitMEX’s Bitcoin perpetual swap.
In the past 24 hours , 72,422 people were liquidated.
The largest single liquidation order occurred on Bitmex-BTC value $10M
— Bybt (@bybt_com) August 2, 2020
Ethereum dropped as low as $302 on Binance’s futures platform and almost as close to that level on other margin platforms.
Two weeks ago, Bitcoin began its bullish move from $9,200 to over $10,000 on July 26. This is the cryptocurrency’s first big move since the halving in May 2020, when a two-month-long sideways movement began. Between June to July, Bitcoin’s realized volatility dropped to 23 percent, its lowest since March 2019.
Last week’s $10,000 move was unlikely to be a result of a whale move as there were no reports of a larger buy order placed above the trading price of Bitcoin and was gauged to be an organic breakout from a period of low volatility.
The liquidations across all futures markets across all assets, $1.1 billion worth of futures positions of more than 70,000 traders were liquidated. Nearly $400 million was liquidated on each OKEx and Huobi; followed by BitMEX ($164M) and Binance ($86M).
The largest single liquidation order (worth about $10M) happened on BitMEX’s Bitcoin perpetual swap. Most of the liquidations, about $647 million, came from Bitcoin’s futures, followed by Ethereum with $165 million of liquidations.
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