Bitcoin’s bull run has been brought to a screeching halt, with the cryptocurrency plunging to under $42,000 in a matter of minutes on Wednesday morning.
Per data from CoinGecko, Bitcoin’s price has dropped by 7.3% in the past 24 hours, with the cryptocurrency currently trading at around $42,200. Bitcoin’s price tumbled as low as $41,804 during the crash, erasing gains seen in the past week.
Over $550 million in crypto long positions were liquidated in the past 24 hours, per data from CoinGlass, including $104 million in Bitcoin longs in the past hour alone.
Other cryptocurrencies in the top 10 plunged alongside Bitcoin, with Ethereum slumping by 8.8% to just under $2,200, while Solana crashed by over 15% in the past 24 hours to under $100. XRP crashed by over 10%, while Cardano fell by 14% and Avalanche by 15%.
The price slump comes as the crypto market braces for the possible approval of a spot Bitcoin ETF in the coming days, with some analysts speculating that it will be a “sell-the-news” event.
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Source: https://decrypt.co/211634/bitcoin-plunges-7-to-42000-in-flash-crash-as-bull-run-falters
