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The sudden rise in Bitcoin’s price to $42K has resulted in $200 million in liquidations

The bitcoin price soared over $41,700 just a few hours ago, an increase of 5.6 percent in less than an hour. Regrettably, the cryptocurrency quickly retraced, leaving almost $200 million in liquidations for the day.

Bitcoin’s turbulent sideways price activity is still going strong. The cryptocurrency jumped from $39,000 to $41,700 in less than two hours just a few hours ago.

The move resulted in a 7% gain, but the celebrations were short-lived.
BTC fell down faster than it went up, and less than an hour later, the price was back at $39,000.

This completed a 7% rise in both directions, resulting in significant liquidations from bulls and bears alike.

Source: TradingView

There was no evident cause for the move, which is unique to the cryptocurrency business, but Asian stock markets started trading about the same time and were up.

In any case, the extreme volatility took its toll on the futures markets, with liquidations exceeding $200 million in the last 24 hours, according to CoinGlass statistics.

The greatest single liquidation order was for a BTC perp with a face value of $6.44 million, and it was placed on OKEx.

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