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The worth of Bitcoin (BTC) briefly fell under $41,000 following a sudden 6.5% drawdown from $43,357 to as little as $40,659 in simply 20 minutes at 2:15am on Dec. 11 (UTC).
On the time of publication, Bitcoin was buying and selling barely up from the native low at $41,960 per TradingView data.
In keeping with data from CoinGlass the transient drop induced greater than $271 million price of lengthy positions to be liquidated.
Ether (ETH), the second-largest cryptocurrency by market cap, additionally witnessed an abrupt decline, falling greater than 8.9% in the identical timeframe. The worth of ETH has since stabilized and is buying and selling for $2,233, down 5.3% on the day.
Bitcoin had simply closed its eighth inexperienced weekly candle, based on an X submit from Wolf of All Road’s Scott Melker, who questioned when a correction was coming, seemingly minutes earlier than it occurred.
#Bitcoin simply closed it is eighth inexperienced weekly candle in a row.
This week’s candle was a monster.
When correction, sir? pic.twitter.com/xxWjTxxLLr
— The Wolf Of All Streets (@scottmelker) December 11, 2023
This can be a growing story, and additional data will probably be added because it turns into obtainable.
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