Bitcoin

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.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

CoinX

Recent Posts

Trust Wallet CEO Backs Web3, Plus Wallet’s Top-Tier Encryption Ensures Secure Asset Access Amid Crypto Liquidation Hits $277M

Read how Plus Wallet’s top-tier ensures secure, unified digital asset management. Get the latest updates…

1 hour ago

Former Alameda CEO Will Now Serve 2-Year Sentence

Former Alameda CEO Caroline Ellison reported to a Connecticut federal prison on November 7 after…

2 hours ago

Degen Rollup Key Issue Forces Possible Chain Restart

Degen Rollup Key Issue: Conduit seized Degen’s L3 private key, causing 54 hours of downtime…

2 hours ago

Best Cryptos to Join Now: Experts Reveal Top Picks for Explosive Gains

As a wave of exciting developments continues to unfold in the crypto market, lots of…

2 hours ago

Binance Proof of Reserves Shows $120B in Assets Across 34 Tokens

Binance Proof of Reserves reveals $120 billion in assets across 34 tokens, showing growth in…

2 hours ago

This website uses cookies.