Bitcoin price dips under $17.6K June low as FTX nerves liquidate nearly $1B
Bitcoin (BTC) liquidated $200 million of long positions on Nov. 8 as BTC price briefly tumbled to two-year lows.
Data from Cointelegraph Markets Pro and TradingView revealed carnage across crypto price charts as exchange FTX kept the mood low.
After initially rebounding over $20,000 on news that the embattled FTX might be bought out by competitor Binance, panic returned after the Wall Street open.
BTC/USD lost $2,000 in under two hours, seeing a sudden plunge which set a low of $17,120 on Bitstamp.
The last time the pair traded at that level was in late November 2020, meaning Bitcoin managed to beat the previous macro lows of $17,600 set in June this year.
Data from the Binance order book showed the sudden cascade downward puncturing solid buy support at $18,000.
At the Nov. 8 daily close, an area of interest for trade volume was around $18,400 — a zone still in play at the time of writing nearly 12 hours later.
Figures from on-chain monitoring resource Coinglass meanwhile tracked major pain for long investors caught out at the wrong time.
BTC long liquidations across exchanges totaled $214 million for Nov. 8, while cross-crypto longs were liquidated to the tune of $670 million.
Combined with shorts, total liquidations for the day were $915 million.
Analyzing the situation, popular crypto commentators were cautious about calling an end to price turmoil.
Related: Why is Bitcoin price down today?
“Way too soon to know how this resolves, but the fact we are seeing another exchange-driven liquidity crisis at this point in the macro structure is really quite something,” a normally optimistic TechDev tweeted.
Others acknowledged that they themselves had fallen foul of volatility, while beyond crypto, analysis looked for potential silver
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