The crypto market is not one for the faint-hearted. And in true fashion, Bitcoin and other cryptocurrencies suddenly plunged over 10-15% earlier today before quickly recovering.
But the recovery didn’t necessarily bear well for some traders: Close to $1 billion worth of Bitcoin and Ethereum longs were liquidated in the move.
A $1,500 drop
On Sunday morning at 4:30 UTC, Bitcoin saw a move down from $11,429 to $10,550 at 4:33 UTC. Prices were quick to partially recover, as the next 30 mins saw buyers push prices to $11, 236.
At press time, Bitcoin trades at $11,280, with short-term charts pointing to further downside. However, the four-hour and daily charts continue to indicate strength, with the pioneer digital asset remaining above its 34-day and 50-day exponential moving averages (EMAs).
The move took out over $800 million to $1 billion in longs. The Block…
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