Over $500M Liquidated As Bitcoin Drops Back Under $30k
Most liquidations occurred on Bitcoin trades, despite most altcoins falling more steeply than Bitcoin across the day. It would seem that Bitcoin’s rally earlier this week was short-lived. The top cryptocurrency has again descended below $30,000, liquidating over half a billion dollars in leverage trades during the fall.
According to BitStamp data, Bitcoin’s price held steady at about $31,781 until approximately 14:00 UTC on Wednesday. Over the next three hours, the price rapidly fell to $29,967, but quickly recovered back above $30,000, temporarily halting its descent.However, the price buckled from its support at about 20:25, rapidly falling to $29,366 within just 5 minutes. It has since rebounded slightly, up to $29,657 at the time of writing.
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