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Bitcoin Price Crashes Below $57K as Total Liquidations Exceed $200 Million

Bitcoin's price is crashing, leaving millions in liquidations.
George Georgiev

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Bitcoin’s price has been crashing in the past 24 hours, charting a decline of around 3.6% on the day. This brings BTC’s weekly losses to above 4%, as the cryptocurrency is currently dipping below $57,000.

Source: TradingView

Interestingly enough, the stock market is experiencing a considerable uptick during the same period. The S&P 500 is up almost 2% on the day, while NASDAQ is also charting 0.6% gains.

The rapid decline in Bitcoin’s price was quite possibly caused by the fact that 10K BTC was moved from a known US Government wallet to a Coinbase Prime deposit wallet.  In addition, on Tuesday, BitGo moved $2 billion worth of Mt. Gox BTC, sparking worries of increased selling pressure.

That said, Bitcoin’s crash below $57K triggered liquidations upward of $200 million across the derivatives market.

Source: Coinglass

Most of the positions were long traders, which is to be expected during a downward move. That said, ETH derivatives traders suffered the most, accounting for $70 million of the total liquidations. Ethereum is down 4.6% in the past 24 hours.

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Bitcoin (BTC) Price
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About the author

George Georgiev
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Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 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.