BTC Crashes $3K in Minutes as Whale Reportedly Wrecked for $1 Billion
The Saturday massacre has only intensified in the past few hours, as bitcoin just plunged to $76,000 for the first time since the initial tariff threat in April last year.
As such, the cryptocurrency extended its massive losses to almost $15,000 in just days, as it traded above $90,000 on Wednesday.
The latest flash crash took place as a single entity was liquidated for $1 billion, according to data from the Kobeissi Letter.
CoinGlass reports different data as of press time. It shows that the single-largest liquidated position took place on Hyperliquid and was worth a whopping $222 million. It involved the ETH-USD pair.
The total value of wrecked positions has shot up to more than $2.5 billion on a daily basis. Nearly all of that came in the past 12 hours. Naturally, longs are responsible for the biggest share, with $2.41 billion of such positions wiped out in the past 24 hours.
Bitcoin’s price crash to $76,000 meant that Strategy’s massive BTC position briefly turned red for the first time in over two years. Nevertheless, the cryptocurrency has rebounded slightly since that multi-month low, and now sits around $78,000, putting the company’s stash slightly in the green again.
The post BTC Crashes $3K in Minutes as Whale Reportedly Wrecked for $1 Billion appeared first on CryptoPotato.
You May Also Like
GCC and India to sign terms for start of free trade talks
Powell Reiterates Fed’s Dual Mandate as Rate Strategy
