BREAKING: Bitcoin price crashes 8% wiping out $1 billion in open interest.

Bitcoin price peeked past the $38,500, wiping out $1.56 million shorts, but a 4% correction has seen $17 million longs liquidated.

Shorts were squeezed and now longs trapped, with both sides effectively caught off guard, leading to around $ 1 billion in open interest wiped out. 

It comes a day after Bloomberg’s James Seyffart reinvigorated the market with prospects of a spot BTC ETF approval within eight days.

#BTCRally $BTC