Bitcoin’s price suffered a substantial correction today, a day after it finally broke above the coveted $50,000 line.
This has resulted in a large number of liquidated traders, as well as over $200 million of wrecked positions on a daily scale.
After a positive last week, in which BTC soared from $43,000 to over $48,000, the asset had a relatively quiet weekend, standing at around the latter.
Monday started with a minor retracement that drove the cryptocurrency down by a few hundred dollars, but the bears were quick to intercept the market movement and reverse its trajectory.
Later that day, Bitcoin began another ascend that, this time, drove it to just over $50,000. This became its highest price tag in over two years.
However, as CryptoPotato warned, there were some signals about a potential rejection, given the number of investors that might decide to take some profit at this point.
This seems to be the case, as BTC dropped by nearly two grand from its peak in about an hour or so. Despite recovering some ground since then, the cryptocurrency still stands below $49,000.
This has harmed over-leveraged traders. In fact, 65,000 such market participants have been liquidated in the past day, with the total value of wrecked positions soaring to more than $210 million.
The single-largest liquidated position occurred on Binance, was worth $4.7 million, and involved the trading pair ETH/USDT, according to data from CoinGlass.