A sudden crypto market nosedive has seen over $600 million in leveraged long positions wiped out, as Bitcoin, Ether and otther cryptocurrencies tumbled sharply.
The price of Bitcoin crashed below $53,000 in a sudden drawdown that saw BTC tumble 10% from $58,350 to as low as $52,500 in less than two hours on Aug. 5.
Bitcoin (BTC) has since regained some ground since the abrupt flash crash and is trading for $54,384 at the time of publication, per TradingView data.
The last time BTC traded below $53,000 was on Feb. 26 earlier this year, as the price rallied following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
