A Massive Bitcoin Flash Crash Just Created $1 Billion Of Crypto Chaos

published 02.08.2020 02:00

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This week's bitcoin price rally has attracted a surge of retail traders to the crypto market, with many bitcoin exchanges reporting year-to-date trading highs as eager investors attempted to catch the upswing.

SOPA Images/LightRocket via Getty Images "In the past 24 hours, 72,422 people were liquidated," bitcoin and crypto market data provider Bybt said via Twitter, adding the largest single liquidation order, worth $10 million, occurred on the Seychelles-based exchange Bitmex, known for its high leveraged trading volume.

MORE FROM FORBESAs The Bitcoin Price Soars, Bitcoin's 'Real' Crypto Market Dominance Is RevealedBy Billy Bambrough Volatility has returned to bitcoin after months of relative stability, with the bitcoin price ... [+] soaring earlier this week only to move sharply lower this weekend.

The bitcoin price has now bounced back, somewhat pulling the wider cryptocurrency market with it, to trade at around $11,300—but not before more than $1 billion of bitcoin and crypto positions were liquidated across various exchanges.

MORE FROM FORBESFormer Hedge Fund Billionaire Makes The Case For $20,000 Bitcoin Price By The End Of 2020By Billy Bambrough The bitcoin price took a sudden dive early on Sunday morning, dragging the wider crypto market with ... [+] it and creating chaos for bitcoin traders.

by Billy Bambrough from forbes.com

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