Bitcoin Dumps $7K to Below $43K as $2.6 Billion Liquidated in Minutes

In a completely unexpected turn of events, Bitcoin’s price crashed to below $43,000 in a matter of minutes. This happens on the day El Salvador officially recognizes it as legal tender in what many called the “Bitcoin Day.”

• In a matter of hours, Bitcoin’s price crashed from above $52,000 to below $43,000 in a violent red candle and a massive sell-off.

Chart by TradingView

• In two consecutive candles, bitcoin’s price lost about $7,000 of its value.
• Since then, it has somewhat recovered to $46,600 where it currently trades, according to Bitstamp.
• This event also saw a tremendous spike in the daily liquidations, as can be expected.
• Data shows that in the past hour alone, over $2.57 billion were liquidated, while this number adds up to a grand total of $3.5 billion in the past 24 hours.
• Most of the liquidations reportedly took place on Bybit.
• The largest single liquidation order happened on Huobi, and it had a face value of over $43 million.
• As unfortunate as it may be, this took place on the day El Salvador officially accepted Bitcoin as a legal tender.