Bitcoin price fell by $5 thousand, traders lost more than $500 million
The Bitcoin (BTC) rate dropped by more than 7%, immediately reaching $40,383 against the stablecoin Tether USD (USDT) on the Binance exchange. Then BTC partially recovered its losses, and at 16:20 Moscow time the first cryptocurrency was trading at $42.6 thousand. A day before the correction began, the BTC price exceeded $45 thousand for the first time since April 2022.
A sharp drop in the price of the first cryptocurrency provoked a massive liquidation of margin positions of traders on crypto exchanges. According to Coinglass, in just an hour, the total amount of forcedly closed positions exceeded $500 million, with the majority of traders subject to liquidation taking long positions, that is, they expected continued growth of Bitcoin and other cryptocurrencies.
