RATE Group | BTC Price Plummets $800 in an Hour
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BTC Price Plummets $800 in an Hour

20 Feb BTC Price Plummets $800 in an Hour

Posted at 03:15h in Bitcoin News by

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Bitcoin (BTC) took an unexpected dive today, plunging $600 in a matter of minutes. The plunge saw 15 of the 20 largest crypto assets by market cap down 5% or more on this time yesterday.

Crypto Market 1-Day Price Chart. Source: Coin360

The price drop began around 21:45 UTC when Bitcoin lost $800 in an hour.  More than $100 million worth of long contracts were liquidated on BitMEX alone during the plunge. Joe Vezzani, the founder of crypto social analytics platform LunarCRUSH, tweeted:

“Watched the entire thing unfold. Saw a couple 7-10M liquidated longs come through. Big boy squeeze.”  

Hourly Liquidations for BitMEX XBT/USD Contracts. Source: Skew

Sharp Contractions in Bitfinex Shorts and Longs 

The crash saw a significant reduction in the number of both open longs and open shorts on Bitfinex. 

With the number of longs testing all time highs just a few days ago, they plunged by nearly 5% from 45,190 to 42,965 in less than 60 minutes.

Open BTC Longs on Bitfinex Daily Chart….

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