Bitcoin price sees sharp sell-off as today’s downside move liquidates heaps of BTC and altcoin traders who were caught offside.
Bitcoin (BTC) price saw a sudden 5% drawdown on April 12 as traders with leveraged positions in Bitcoin and other cryptocurrencies incurred over $400 million in losses within one hour.
BTC dropped 5% from $68,341 to as low as $65,110 in less than 60 minutes in late New York session trading hours on April 12.
Ether (ETH), the second largest crypto by market capitalization, followed in Bitcoin’s footsteps, falling 8% from an opening of $3,553 to trade at $3,226.
