Bitcoin and Ethereum crashed by 12% and 20% respectively in about 6 minutes as more than $1 billion of positions were liquidated.
According to market data site Bybt, more than 72,422 people were liquidated in the last 24 hours. The largest single liquidation order worth $10 million happened on BitMEX’s Bitcoin perpetual swap.
Bitcoin’s price went from $11,930 to $10,550. By press time, the price has now recovered to about $11,400.
Ethereum crashed from $408 to $326. By press time, the price has now recovered to about $380.