Bitcoin’s price plummeted on Thursday to $25,300, touching lows the asset has not seen in the past two months.
The event triggered nearly $1 billion in liquidations across the entire crypto market.
- Bitcoin slightly rebounded after the crash, trading for $26,386 at writing time.
- The last time Bitcoin traded this low was in mid-June, shortly after Binance and Coinbase were sued by the Securities and Exchange Commission (SEC), and shortly before BlackRock announced its bid for a Bitcoin spot ETF.
- According to Coinglass, over $788 million in liquidations have occurred in the past 24 hours, including over $812 million in the last hour alone. Roughly half of the liquidations were on Bitcoin trades, with another $245 million on ETH trades.
- The largest single liquidation took place on an ETH-BUSD trade on Binance, clearing out a trader for a whopping $55.92 million. The total number of liquidations surpassed 164,000.
- The news arrives shortly after the Wall Street Journal reported that Elon Musk’s SpaceX had sold the remainder of its Bitcoin holdings, writing down its value from last year by $373 million.
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