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Recently, Bitcoin took an unprecedented dive. The coin plunged by about $600 in only a few minutes. However, as minor as it might seem, the plunge led to about 15 of the 20 largest crypto assets go down by about 5% from the previous day.
The price drop was noted to have started around 21:45 UTC. Within an hour, Bitcoin dropped $800. This plunge in the price of Bitcoin led had some severe effects. For one, reports predict that over $100 million was liquidated in terms of long contracts on only BitMEX during the time of this plunge. Also, Joe Vezzani, founder of LunarCRUSH, a crypto social analytics platform, reiterated witnessing some 7-10 million liquidate longs come through.
Sharp Contractions In Bitfinex Shorts And Longs
It is also noteworthy that the plunge in the price of Bitcoin caused a notable drop in the number of both open short and open longs on Bitfinex.
The number of longs which has only tested an all-time high a few days prior, then plunged by almost 5%, going from 45,190 to 42,965 in less than one hour60.
On the other hand, the amount of open short positions also dropped by 6.4%, moving from 12,675 to 11,860. This drop in shorts is also coming after a steady increase for about six weeks after the industry witnessed a record low in early January.
87 Of Top 100 Crypto Assets Lead To Daily Losses
Another notable effect of the Bitcoin crash was the significant losses across several leading markets. About seven of the top ten largest cryptocurrencies by capitalization experienced losses between 6% and 8%.
Currently, only Chainlink (LINK) and Tezos (XTZ) were noted to be the only cryptocurrencies that performed better than BTC. At the time, LINK was down by about 3%, XTZ was the only market in the top 19 to enjoy a 24-hour gain, which then moved to about 4.2%.
EOS was the poorest performing market of the day, maintaining an 11.8% drop against the dollar over 24 hours prior. Also, in a general assessment of the cryptocurrency market, Fear and Greed Index was observed to have dropped from 59 to 50 since the 16th of February. This is a signal that the market might just be overselling.
Tether Treasury Gets 60 Million USDT
Some crypto experts and analysts have come up with speculations that the BTC crash can be associated with the $60 million worth of USDT that was a few hours before the crash. The issuance occurred just an hour Binance’s platform crashed for six hours due to unscheduled maintenance. This was accompanied by several days of reports about Binance suffering from shortages of stablecoins to be used for margin loans.