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.
More to follow…