Bitcoin price plummets to $ 28,800 on Huobi, liquidating over $ 2.5 billion in 24 hours
While Bitcoin fell to $ 42,000 on most exchanges, Huobi saw a more noticeable decline as the price fell below $ 30,000.
A flash crash occurred on Huobi when BTC fell to $ 28,800 before rising again. At the same time, over $ 2.5 trillion was liquidated daily as the entire market was in the red.
As previously reported, Bitcoin and the entire crypto market experienced one of the worst crashes in recent history. BTC plunged $ 16,000 in one day from around $ 58,000 to a daily low of $ 42,000 on Bitstamp and most exchanges.
However, other trading venues fell even more sharply. Take Huobi for example, with a decline of up to $ 28,801.
BTC / USDC Above Huobi | The source: TradingView
Such events are known as flash crashes, in which the price of an asset drops significantly lower on one (or more) exchanges than on most exchanges and recovers immediately.
As on previous occasions, the BTC price rebounded as quickly as it fell.
This dump alone caused a massive double-digit price drop for most coins, causing heavy losses for leveraged traders.
follow data from CoinGlass (formerly known as Bybt) total liquidations in 24 hours were over $ 2.5 billion. In the last 4 hours alone, the liquidation amount is over $ 1.5 billion.
The number of dealers that have been liquidated is nearly 400,000. The largest liquidation order was worth $ 28 million and was executed on Bitfinex.
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