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CryptoIntelligence 2024-04-02 23:04:51

Bitcoin’s Sudden 5% Plunge Triggers Over $165 Million in Leveraged Losses Amidst ETF Outflows and Tether’s Brief Depeg

A sudden drop in Bitcoin’s value by 5% on Tuesday triggered significant losses for traders with leveraged positions in cryptocurrencies, culminating in over $165 million in financial setbacks within a brief period. This dramatic fall occurred early on March 2 UTC, with Bitcoin’s price plummeting from $69,450 to as low as $65,970 in under 30 minutes, according to TradingView data. The sharp decrease in Bitcoin’s value led to the liquidation of leveraged positions exceeding $165 million, as reported by Coinglass. This included over $50 million in Bitcoin long positions and more than $40 million in Ether longs, which constituted the

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