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$100M Liquidated in 10 Minutes As Bitcoin Dipped to $51K

Summary:
Bitcoin’s slump continues after experiencing a sharp price decline over the last few hours. The dip caused over 0 million worth of long positions to get liquidated. Earlier today, Bitcoin briefly reached .5k at 8:44am EST, after stagnantly trading within the -57k range. The price suddenly fell afterward, dropping hundreds of dollars by the hour. According to BitStamp, Bitcoin fell to .5k. Binance Futures even saw the price drop below k. Since then, the price has recovered slightly, trading at ,372 at the time of writing. k is approximately the trillion market cap level for Bitcoin. There were major consequences, however. Data from glassnode shows that 2.4 million worth of long positions were liquidated within ten minutes. Coinglass shows 1

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Bitcoin’s slump continues after experiencing a sharp price decline over the last few hours. The dip caused over $200 million worth of long positions to get liquidated.

  • Earlier today, Bitcoin briefly reached $57.5k at 8:44am EST, after stagnantly trading within the $56-57k range.
  • The price suddenly fell afterward, dropping hundreds of dollars by the hour. According to BitStamp, Bitcoin fell to $51.5k. Binance Futures even saw the price drop below $51k.
  • Since then, the price has recovered slightly, trading at $53,372 at the time of writing. $53k is approximately the $1 trillion market cap level for Bitcoin.
  • There were major consequences, however. Data from glassnode shows that $112.4 million worth of long positions were liquidated within ten minutes. Coinglass shows $221 million liquidated in the last 4 hours. That’s the largest liquidation Bitcoin has seen since early September.
  • Bitcoin’s fall seems to correlate with the stock market. The NASDAQ ended in deep red today, with a near 2% drop after a very bad week.
  • On-chain metrics continue to favor a mid to long-term bullish outlook for Bitcoin, in the form of an extended bull market.
Bitcoin 24hr Price. Source: Tradingview

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