Bitcoin collapses below $53,000, erasing $600 million in leveraged long trades
The cryptocurrency market experienced a sudden plunge that led to the loss of more than $600 million in leveraged long positions, as Bitcoin, Ethereum, and other cryptocurrencies fell sharply.
A surprise drop saw Bitcoin drop 10% from $58,350 in less than two hours.
I got my bitcoin back
($54,229 Bitcoin)
It has since gained some ground since the flash crash and is trading at $54,384 at press time, according to TradingView data.
The last time bitcoin traded below $53,000 was on February 26 earlier this year, with the price rising after exchange-traded funds (ETFs) for bitcoin were approved in the US.
The price of Ethereum has fallen
($2,297 Ethereum) as well, falling 18% from $2,695 to $2,118 in the same time frame. Ethereum has risen slightly in value and is currently trading at $2,358 at press time, according to TradingView data.