Sudden Bitcoin Drop Leads to $271 Million Liquidation, Ether Also Takes a Hit
Summary:
Bitcoin (BTC) experienced a sudden 6.5% drop, temporarily falling below the $41,000 mark. The second largest cryptocurrency, Ether (ETH), also saw a more than 8.9% decline during the same period. The dip led to the liquidation of long positions over $271 million. This followed shortly after Bitcoin closed its 8th consecutive green weekly candlestick.
In a sudden downward spiral, Bitcoin (BTC) temporarily dipped under the $41,000 mark, registering a 6.5% drop from $43,357 to a low of $40,659 within a mere span of 20 minutes at 2:15 am on December 11 (UTC). The current trading value showed a small rise from its local minimum, hovering around $41,960, as indicated by TradingView. CoinGlass data revealed that this short-lived plunge led to the liquidation of long positions exceeding $271 million.
The second largest cryptocurrency by market capitalisation, Ether (ETH), also experienced a sharp fall, decreasing by over 8.9% in the same period. ETH prices have now settled and are at $2,233, showing a 5.3% drop for the day. Prior to this fall, Bitcoin marked the closure of its 8th consecutive green weekly candlestick, as pointed out by Scott Melker from Wolf of All Street. Just moments before the correction, Melker had hinted at its possibility through his post on social networking site X.#Bitcoin just closed it's 8th green weekly candle in a row. This week's candle was a monster. When correction, sir? pic.twitter.com/xxWjTxxLLr— The Wolf Of All Streets (@scottmelker) December 11, 2023.
As this news unfolds, any further updates will be added as concrete information becomes accessible.
Published At
12/11/2023 6:02:05 AM
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