Bitcoin crashes below $53K wiping out $600M in leveraged longs
The price of Bitcoin crashed below $53,000 in a sudden drawdown that saw BTC tumble 10% from $58,350 to as low as $52,500 in less than two hours on Aug. 5.
Bitcoin ( BTC ) has since regained some ground since the abrupt flash crash and is trading for $54,384 at the time of publication, per TradingView data .
The last time BTC traded below $53,000 was on Feb. 26 earlier this year, as the price rallied following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
The sharp downward move has now seen over $740 million in leverage positions wiped out across the crypto market in the last 24 hours, with just over $644 million in leveraged longs being liquidated, per CoinGlass data .
Notably, traders looking to gain leveraged exposure to Ether (ETH) were the hardest hit, with over $256 million in ETH longs cleaned up, while $231 million in BTC longs were forcibly closed. Much of this can be traced back to a large increase in the open interest for ETH as traders
There has been a significant increase in the open interest for ETH over the last few months, with traders flocking to gain exposure to the asset in the lead-up to and aftermath of the approval of spot Ether ETFs in the US.
This is a developing story, and further information will be added as it becomes available.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ARK Invest Raises 2030 Bitcoin Price Target to as High as $2.4M in Bullish Scenario

XRP News: What's on May 19 for XRP?

ADA Explodes Past $0.70 — What Now?

PEPE Dips Slightly – But Whales Are Still Accumulating. Should You Follow?
Pepe's funding rate has risen strongly in the past couple of days, one of several signals that more gains are coming.

Trending news
MoreCrypto prices
More








