Categories: Market Overview

Bitcoin Price Slides by $1.4K in Minutes

Bitcoin suffered a price drop of $1,458 in under an hour on Sunday. The sudden slide caught many traders off guard, forcing out a significant amount of buying pressure from the market.

The biggest cryptocurrency by market value fell from $11,969 to $10,659 in 10 minutes to 04:45 UTC, having reached an 11-month high of $12,118 at 04:00 UTC, according to CoinDesk’s Bitcoin Price Index. The sudden price drop has liquidated nearly $1.4 billion worth of positions across major exchanges, as noted by derivatives data provider Bybt.

The price drop triggered $144 million worth of sell liquidations or forced closure of long positions on BitMEX, the highest since May 10, according to data source Skew. Nearly 95% of BitMEX liquidations were long positions – a sign the leverage was skewed to the bullish side – which isn’t surprising given the cryptocurrency recently charted a bullish breakout with a move above $10,500.

Ether (ETH) also fell a little more than 20% moments after reaching an 11-month high of $415.71. It was trading $361.67 as of press time, which nonetheless represented a 1% gain in 24 hours.

Flash Crash: Bitcoin Price Slides by $1.4K in Minutes, CoinDesk, Aug 3

The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team

Recent Posts

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

2 days ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

2 days ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

3 days ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

3 days ago

EURGBP Wave Analysis 19 December 2024

- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…

3 days ago

EURJPY Wave Analysis 19 December 2024

- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…

3 days ago

This website uses cookies