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Bitcoin Dumps $7K to Below $43K as $2.6 Billion Liquidated in Minutes

Summary:
In a completely unexpected turn of events, Bitcoin’s price crashed to below ,000 in a matter of minutes. This happens on the day El Salvador officially recognizes it as legal tender in what many called the “Bitcoin Day.” In a matter of hours, Bitcoin’s price crashed from above ,000 to below ,000 in a violent red candle and a massive sell-off. Chart by TradingViewIn two consecutive candles, bitcoin’s price lost about ,000 of its value. Since then, it has somewhat recovered to ,600 where it currently trades, according to Bitstamp. This event also saw a tremendous spike in the daily liquidations, as can be expected. Data shows that in the past hour alone, over .57 billion were liquidated, while this number adds up to a grand total of .5 billion in the past

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In a completely unexpected turn of events, Bitcoin’s price crashed to below $43,000 in a matter of minutes. This happens on the day El Salvador officially recognizes it as legal tender in what many called the “Bitcoin Day.”

  • In a matter of hours, Bitcoin’s price crashed from above $52,000 to below $43,000 in a violent red candle and a massive sell-off.
btcusd_chart
Chart by TradingView
  • In two consecutive candles, bitcoin’s price lost about $7,000 of its value.
  • Since then, it has somewhat recovered to $46,600 where it currently trades, according to Bitstamp.
  • This event also saw a tremendous spike in the daily liquidations, as can be expected.
  • Data shows that in the past hour alone, over $2.57 billion were liquidated, while this number adds up to a grand total of $3.5 billion in the past 24 hours.
  • Most of the liquidations reportedly took place on Bybit.
  • The largest single liquidation order happened on Huobi, and it had a face value of over $43 million.
  • As unfortunate as it may be, this took place on the day El Salvador officially accepted Bitcoin as a legal tender.

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