Crypto traders liquidated for over $700 million in a day
On August 24, Bitcoin (BTC) experienced a sudden “flash crash,” losing $4,000 from its market price within minutes. Jacob King, CEO of WhaleWire, suggested the sell-off was sparked by a single large holder liquidating over 24,000 BTC, worth more than $2 billion: “Bitcoin flash crash today, which wiped out $310M in long positions, has been traced to a SINGLE Bitcoin whale dumping BTC for ETH. The whale sold 24,000+ BTC, including coins that hadn’t moved in 5+ years.” The effects of the sell-off were felt across the broader crypto market, which lost $130 billion from its total capitalization. Total crypto market capitalization. Source: TradingView Coming just a couple of days after a brief boost triggered by comments from Federal Reserve chair Jerome Powell, the downward trend continued on Monday, August 25, with over 147,500 traders being liquidated in the past 24 hours, losing a total of $717 million. JUST IN: 147,580 traders were liquidated ...