The worth of Bitcoin (BTC) briefly fell under $41,000 following a sudden 6.5% drawdown from $43,357 to as little as $40,659 in simply 20 minutes at 2:15am on Dec. 11 (UTC).
On the time of publication, Bitcoin was buying and selling barely up from the native low at $41,960 per TradingView knowledge.
Ether (ETH), the second-largest cryptocurrency by market cap, additionally witnessed an abrupt decline, falling greater than 8.9% in the identical time-frame. The worth of ETH has since stabilized and is buying and selling for $2,233, down 5.3% on the day.
Different large-cap crypto belongings together with Binance Coin (BNB), Ripple (XRP) and Solana (SOL) additionally posted losses.
In line with knowledge from CoinGlass the temporary drop triggered greater than $270 million value of lengthy positions to be liquidated. The decline additionally worn out some $1.2 billion in open curiosity on BTC, and is presently sitting round $17.9 billion.
Bitcoin had simply closed its eighth inexperienced weekly candle, based on an X submit from Wolf of All Road’s Scott Melker, who questioned when a correction was coming, only a few minutes earlier than it befell.
#Bitcoin simply closed it is eighth inexperienced weekly candle in a row.
This week’s candle was a monster.
When correction, sir? pic.twitter.com/xxWjTxxLLr
— The Wolf Of All Streets (@scottmelker) December 11, 2023
The drawdown marks the most important single-day decline for Bitcoin in over a month, with the asset having rising greater than 12% over the course of the final 30 days.
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