After an incredible run-up to nearly $42,000, (BTC) price finally entered a significant correction, and at the time of writing the price is down by about 18%. While the swift drop to $30,402 may not induce sleepless nights from the HODLer crowd, large drops like the one seen over the past 24-hours can easily blow up a leveraged trader’s portfolio. The sharp downside move also threatens to wipe out a large portion of the gains accrued over the past few weeks.
Data from Bybt indicates that over $2.7 billion worth of futures contracts has been squared off in the past 24 hours.
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