Published On: Sun, Aug 2nd, 2020

Bitcoin price crash: Cryptocurrency value plummets by £1,000 in minutes in market meltdown | City & Business | Finance


The sudden slide caught traders unawares, according to CoinDesk. The bitcoin price plunge forced out a significant amount of buying pressure from the market as traders were spooked. The world’s biggest cryptocurrency plummeted from £9,146 to £8,145 in just 10 minutes, sending shockwaves through the market.

It comes after the currency reached an 11-month high of £9,260, according to CoinDesk’s Bitcoin Price Index.

The dire price drop has liquidated nearly £1billion worth of positions across major exchanges, according to derivatives data provider Bybt.

A massive £110million worth of sell liquidations were trigged as a result.

The price drop also sparked closure of long positions on BitMEX, the highest since May 10, according to data source Skew.

READ MORE: Bitcoin price SKYROCKETS for second day – but investors issue warning

The cryptocurrency was trading near £8,430, representing a 5.5 percent drop on a 24-hour basis at the time of writing.

But prices are still up nearly 57 percent on a year-to-date basis.

Seychelles-based exchange BitMEX also registered buy liquidations or forced closure of short positions worth £5.81million.

Within the previous 24 hours, at least 72,422 positions were liquidated, with the largest, that of £7.64 million, occurring on BitMEX.

Ether, another popular cryptocurrency, also fell a little more than 20 percent.

The fall came just moments after the coin achieved an 11-month high of £317.69.

It was trading £276.39 at the time of writing.

The value represented a gain of 1 percent in 24 hours, reported CoinDesk.

More to follow…   



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