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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.
Bitcoin was founded over a decade ago, and since the inception of the
cryptocurrency, it has stood the test of time and is still currently a
major coin in the cryptocurrency industry despite several others that
have emerged after its development by Satoshi. Over the past decade,
several changes have occurred to bitcoin in trying to make it better
suited for mainstream adoption. This article explores Bitcoin’s files
and how the whole thing started.