The price of Bitcoin drops, numerous LONG positions liquidated:
- The price of Bitcoin (BTC) dropped 6.5% in less than 30 minutes.
- Over $270 million in long positions liquidated.
- The largest daily drop in over a month.
Panic on Bitcoin (BTC)
On December 11, Bitcoin experienced a steep drop, falling 6.5% and dipping below the $41,000 mark.
This descent occurred after five consecutive days of price increase, an unexpected phenomenon that surprised investors and analysts.
However, some users had predicted that a significant movement would occur due to increasing funding in the derivatives market:
In just 20 minutes, the price of BTC dropped from $43,357 to approximately $40,659, before slightly stabilizing below $42,000 at the time of writing this article.
As for the altcoin market (TOTAL2 on TradingView), which includes all cryptocurrencies except Bitcoin, it also took a hit, with a retracement of about 6% in market capitalization (market cap) for ALT coins.
Massive liquidation on Bitcoin (BTC) positions
This drop has had significant consequences on the market, with over $270 million in long positions liquidated.
The open interest on Bitcoin, which was around $17.9 billion, has also been reduced by $1.2 billion.
This market event marks the largest drop (in 24 hours) for Bitcoin in over a month, despite an increase of over 12% in the past 30 days.
