Bitcoin price crashes to $16,350 as billions of dollars get liquidated
The price of bitcoin has fallen suddenly in the last 24 hours.
From about $19,500 yesterday, bitcoin crashed to $16,350 earlier today, a slide of about 15%. The world’s first and largest cryptocurrency is currently trading at about $16,700 on Coinbase, according to tracker TradingView.
Bitcoin price crashes are generally a result of liquidations at crypto derivatives exchanges. Indeed, nearly $1.9 billion worth of open interest was liquidated from exchanges in the last 24 hours, according to The Block Research. Binance experienced the highest liquidations, worth about $840 million, followed by Huobi and OKEx.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Yogita Khatri