Bitcoin Drops $1,000 in 15 Minutes; Longs Make 98% of Liquidations
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The slide led to a sell-off in the broader crypto market, with ether falling 3% in the past hour.
The sudden drop with no immediate fundamental catalyst flushed millions of dollars worth of futures positions.
Bitcoin dropped below $30,000 in European morning hours on Wednesday to as low as $29,000, CoinDesk data shows.
The largest cryptocurrency by market value slid $1,000 in 15 minutes.
The sell-off did not appear to stem from any immediate fundamental reason. However, it was likely a long squeeze as over $25 million in bitcoin futures were liquidated – of which longs, or bets on rising prices, made 98% of the positions.
The slide led to a sell-off in the broader crypto market, with ether falling 3% in the past hour.