Bitcoin Plummets to $29,000 Amid Massive Sell-Off and Liquidations
Bitcoin's price took a sudden nosedive to $29,000 after a massive sell order on Binance, resulting in over $160M in crypto liquidations. The drop occurred within 15 minutes, with longs accounting for 98% of liquidated positions. The unexpected sell-off could have been influenced by factors such as the UK's higher-than-expected inflation rate and a potential long squeeze. The event triggered a broader market decline, with Ether, Polygon, Dogecoin, and Solana also experiencing losses. Analysts suggest that large liquidations may signal the top or bottom of significant price moves, allowing traders to reposition.
