A Massive Bitcoin Flash Crash Just Created $1 Billion Of Crypto Chaos
published 02.08.2020 02:00
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.
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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.