Bitcoin Drops to $29,000 in Sudden Sell-Off; Longs Are 98% of Over $160M in Crypto Liquidations
04/19 10:37
Accordingt to Coindesk, Bitcoin (BTC) slid more than 3% in just 15 minutes, taking the largest cryptocurrency by market capitalization below $30,000. Further declines took it as low as $29,000. While the sell-off did not appear to stem from any fundamental reason immediately, a huge market sell order of bitcoin occurring from crypto exchange Binance and an unexpectedly high U.K. March inflation figure of more than 10% may have influenced market sentiment. Also in the mix: A so-called long squeeze. More than $25 million in bitcoin futures were liquidated – of which longs, or bets on rising prices, made 98% of the positions. "The hotter-than-expected U.K. CPI may have weighed over risk assets, including BTC. But the gravity of the reaction has been far far more severe than in other asset classes," Vetle Lunde, a senior analyst at K33 Research, said. "Seems to be more of a leverage washout. Binance OI in BTCUSDT perps fell 5.1% in 15 minutes, effects more severe in ETH with larger liquidation volume than BTC," Lunde said, referring to open interest, or the total number of contracts in the futures market.
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