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Bitcoin Price Drops by $1,458 Within One Hour, Liquidating $1.4bn Positions

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Bitcoin Drops by $1,458 on Sunday, Liquidating  Almost $1.4bn Positions

Bitcoin, the world’s most capitalised cryptocurrency, on Sunday suffered a price drop of $1.458 within one hour to $10,960 per coin.

The world’s most dominant coin broke through the $10,519 resistance level last week Monday following months of trading below that level.

While crypto experts have predicted bullish run henceforth given the recent Bitcoin halving that limited market supplies, series of uncertainties amid unchecked activities continue to hurt the coin stability.

On Sunday, Bitcoin price crashed from $11.446 per coin it traded earlier in the day to $10,960, closing several open positions across major exchanges, according to data from Bybt.

BitMex, a Seychelles based cryptocurrency exchange, said the price drop triggered $144 million worth of sell liquidations or closed long positions on the platform, the highest since May 10.

Also, the exchange said it register buy liquidations of $7.6 million worth of positions on Sunday.

Findings revealed that 95 percent of closed positions on BitMex were long positions, indicating that traders were bullish on cryptocurrency prior to the crash.

BTCUSDDailyHowever, on Monday the coin rebounded slightly to $11,157 to establish higher lows above the $10,825 resistance level.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.