Traders Lost $2,4 Billions As Bitcoin Crashed Down to Three Months Minimum
The recent sensational crash of Bitcoin down to $42,100 caused traders to lose $2,4 billions. The market crashed after Elon Musk’s words about Tesla refusing to accept Bitcoin as a payment due to its poor energy efficiency and a hint that they may sell their Bitcoins. This caused Bitcoin to lose 10% of its value.
According to Bybt, around 304,000 traders’ positions were liquidated that day. One trader lost $90 millions. Ethereum’s market wasn’t feeling good as well – the crypto exchanges forcefully closed $527 millions worth of positions. 81% of them were long.
However, this liquidation wasn’t as big as those of 12th and 17th of May. As Musk said that the company hasn’t sold a single Bitcoin from their balance sheet, it started recovering slowly. At the moment of writing this article it costs $44,919.