The Second Biggest Bitcoin Drop Since March Last Year

One of the biggest crashes in the cryptocurrency universe took place two days ago, and Bitcoin dropped to $ 30,000. As BTC recovered in a short time and rose to $ 41,000, this Bitcoin drop and volatility led to the liquidation of up to 755,000 crypto derivatives traders in just one day.

Last year, the March 12 collapse was a day that cryptocurrency investors will probably remember for their lifetime. The pandemic decline in the world markets had a great blow to cryptocurrencies, especially Bitcoin, and the BTC price fell below $ 4,000. Yesterday, the biggest and perhaps unforgettable decline story after this decline was experienced again.

A trader lost $ 67 million

Bitcoin drop, which has been happening for a while due to many reasons, especially the statements of Elon Musk, has dropped to the level of 30 thousand dollars. This trend, which many technical analysts did not expect, caused 755 thousand traders to liquidate within 24 hours. A trader trading on the Huobi stock exchange suffered a loss of $ 67 million due to this decline.

Close to $ 8 billion in liquidation in 12 hours

These drastic movements of Bitcoin, which decreased to 30 thousand dollars in a short time and rose to 37 thousand dollars in about half an hour, almost straightened its waist, caused 7.84 billion dollars to evaporate from the market in a short time like 12 hours. During this volatility, 88.66 percent of the positions liquidated belonged to “long” positions.

Bitcoin, which rose to the level of 65 thousand dollars with the public offering of the US Coinbase exchange in mid-April, thus experienced a decrease of more than 50 percent in about 1 month.

The drastic movements of the biggest crypto money were also reflected in altcoins. Bitcoin is being traded around 41 thousand dollars in the following minutes of the news. Likewise, Ethereum, which is in second place in the world cryptocurrency ranking, has started to increase a little. At the time of this news, Ethereum is trading at $ 2,900.

SEE ALSO: Bitcoin Ban Should Not Be An Option, Says Hester Peirce

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Caroline Tetra

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