Bitcoin long liquidations hit $300M as BTC price falls to $62K
A flash crash in Bitcoin price on shorter timeframes induces panic among leveraged long traders, but analysts believe it’s a short-term pullback.
Bitcoin (BTC) fell over $1,600 in 60 minutes on Aug. 1 as a wave of volatility disrupted the market.
Data from Cointelegraph Markets Pro and TradingView showed a nightmare for long traders unfolding on Aug. 1, as BTC suddenly dropped from $64,000 to $62,800.
At the time of publication, the losses were still mounting after the BTC/USD pair hit lows of $62,212 at Coinbase, levels last seen two weeks ago.
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Author: Nancy Lubale
