After months of price stagnation, it seems that Bitcoin’s famous volatility could be making a big comeback.
Over the course of last week, Bitcoin finally broke through the $8,800 to $9,800 range that it had been stuck in for much of May, June, and July. First BTC hit past $11,000, and then pushed over $12,000.
However, the push past the $12k appeared to trigger a massive selloff; the price crashed back down around $11k almost immediately; some data sources show that the price crashed as low as $10,500. At press time, the price appeared to have stabilized around $11,135.
Specifically, data form Bybt showed that the sudden price drop liquidated 72,422 positions worth roughly $1.4 billion across a number of major exchanges. Additionally, as reported by CoinDesk, data from Skew shows that the price drop caused $144 million in sell liquidations and forced closure of long positions on BitMEX.
Reprinted from financemagnates , the copyrights all reserved by the original author.
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