Bitcoin crashed by more than $7000 in a matter of minutes, leaving around $2.6 billion in liquidations.
In a completely unexpected turn of events, Bitcoin’s price crashed to below $43,000 in a matter of minutes. This happens on the day El Salvador officially recognizes it as legal tender in what many called the “Bitcoin Day.”
In a matter of hours, Bitcoin’s price crashed from above $52,000 to below $43,000 in a violent red candle and a massive sell-off.
Chart by TradingView
In two consecutive candles, bitcoin’s price lost about $7,000 of its value.
Since then, it has somewhat recovered to $46,600 where it currently trades, according to Bitstamp.
This event also saw a tremendous spike in the daily liquidations, as can be expected.
Data shows that in the past hour alone, over $2.57 billion were liquidated, while this number adds up to a grand total of $3.5 billion in the past 24 hours.
Most of the liquidations reportedly took place on Bybit.
The largest single liquidation order happened on Huobi, and it had a face value of over $43 million.
As unfortunate as it may be, this took place on the day El Salvador officially accepted Bitcoin as a legal tender.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
