Bitcoin Plunges 11% In The Morning…More Than $540 Million Liquidated

'High March' BTC Took a Nosedive in the Morning
BTC Long Bet Liquidation Records About $300 Million
BTC Recovers After Plunging...$97,000 Recovered

Bitcoin(BTC), which had maintained its $100,000 march, fell to $94,035 at 7:30 a.m. on the morning of Dec. 6 due to a sharp sell-off and massive liquidation in the futures market. On the morning of Dec. 6, Bitcoin recorded a drop of about 11%.

Bitcoin plunged due to a sharp sell-off that occurred on the morning of Dec. 6.

Bitcoin rose sharply on Dec. 5, continuously maintaining $100,000 after surpassing $100,000. With Bitcoin's high rise, open interest began to accumulate in the futures market, and a large liquidation occurred along with Bitcoin's plunge, accelerating the decline.

According to data released by cryptocurrency media Crypto Slate on Dec. 6, the majority of liquidations in the futures market were recorded in Bitcoin, with Bitcoin's liquidation reaching $540 million and Bitcoin's long(rising) betting position reaching about $300 million.

Bitcoin plunged in an instant and was down about 5% for about five minutes, especially from 7:25 a.m.

Bitcoin is recovering, rising by about 3% for about two hours after falling to $94,035. Bitcoin is recording $97,296 based on the coin market cap at 9:30 a.m. on Dec. 6.

This week, Bitcoin was exposed to a dramatic plunge in succession. Bitcoin plunged about 30% in an instant due to the declaration of an emergency decree by the president in South Korea on Dec. 3.

권승원 기자 ksw@blockstreet.co.kr