Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Liquidations of leveraged derivatives trades reached $240 million during the day, less than Tuesday's $1.2 billion wipe out.bulls, who for the second time this week barely had a few seconds to celebrate a surge to a new-all time high before prices quickly reversed sharply lower.
In the morning hours of U.S. trading, bitcoin took out the Tuesday record of about $69,200 and rose to $70,136, CoinDesk Bitcoin Index data shows. But within seconds, selling took hold and less than one hour later, the price had tumbled about 5% to as low as $66,500. Friday's decline from all-time highs liquidated $240 million worth of leveraged derivatives trading positions across all digital assets, much less than Tuesday's nearly $1.2 billion, according toBitcoin Tumbles 10% After Hitting Record High; Triggers $1B Crypto Liquidations
Nearly 1,000 BTC of sell orders on Binance and OKX, worth some $70 million, posed an insurmountable resistance for further gains once bitcoin topped $70,000, quickly pushing the price lower.To this point, today's reversal isn't as severe as the action on Tuesday, when bitcoin for the first time this week notched a new record high. Then, the price ended up tumbling as much as 14% before bottoming at around the $59,000 level.
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