Bitcoin Calm Shatters With Sudden Tumble, Mass Liquidations
- Liquidations exceeding $1 billion in 24 hours as prices fell
- Digital tokens follow broad risk-off appetite globally
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A period of unusual calm in crypto markets ended abruptly this week as the notion of higher-for-longer interest rates sparked a selloff in risk assets like Bitcoin, leading to mass liquidations of bullish bets.
The rout pushed Bitcoin from near $29,000 to as low as $25,314 in a 24-hour span. More than $1 billion of positions were unwound in the selloff, according to Coinglass data. The original cryptocurrency was down 5.7% to $26,057 as of 3:29 p.m. in New York.