Bitcoin suffers worst financial loss in minutes

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Bitcoin just suffered one of the worst plunge seen in financial history as it lost about $7,000 in value, plunging from $34,000 to $27,000 in minutes.

This is one of the fastest 20% market correction seen in financial history.

READ: Bitcoin is defying all odds, jumps to $34,000

The result stunned so many traders and investors who overleveraged on the prevailing bullish trend in the Bitcoin market.

“$190,000,000 (in long positions) were liquidated on Binance within 10 minutes. Largest value to date,” Glassnode commented alongside a chart showing Binance liquidations.

READ: Bitcoin more valuable than any global bank

At the time of writing, Bitcoin traded at $30,996.19 with a daily trading volume of $82,311,674,405. Bitcoin is down 6.74% in the last 24 hours.

READ: Over 1 million people took loans from banks below 20% interest rate in 1 year- CBN