Memecoin

Bitcoin

April

A sudden 5% drawdown in the price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) on Tuesday has seen traders with leveraged exposure to Bitcoin and other cryptocurrencies rack up over $165 million in losses in less than two hours.
Bitcoin plunged 5% from $69,450 to as low as $65,970 in less than 30 minutes in early hours on March 2 UTC, per TradingView data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/0d631e98-5171-4d1c-9ae4-3d7a28f3f368.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin tumbled over 5% in a sudden tumble on April 2. Source: TradingView
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According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">data</a> from Coinglass, Bitcoin’s sharp wick down saw more than $165 million in leveraged positions wiped out, with just over $50 million in Bitcoin longs and more than $40 million in Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) longs accounting for the bulk of that figure.
Roughly $6 million in long positions on Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) and $4 million in Solana’s SOL (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) were liquidated, trailing BTC and ETH.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/97045a01-0bf3-489c-944c-d4df38125a2b.png" alt="" title="">
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 Bitcoin’s sudden drawdown caused a $165million leverage flush. Source: CoinGlass
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Around the same time as the drawdown, Bitcoin exchange-traded funds (ETFs) posted a net outflow of $86 million, breaking a four-day positive inflow streak, per FarSide <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">data</a>. 
BlackRock’s ETF stood as the best-performing fund, whose net inflows reached $165.9 million, while Fidelity came in second with $44 million. 
Related: <a href="https://cointelegraph.com/news/bitcoin-bull-run-weirdest-in-history-memecoin-surge">Memecoin madness is breaking the Bitcoin halving cycle</a>
However, the inflows were weighed down by Grayscale’s GBTC posting $302 million in outflows, bringing the net daily outflows for all the funds to $85.7 million.
<h2 id="tether-wobbles-from-its-peg">Tether wobbles from its peg</h2>
At the same time as the Bitcoin flash crash, the value of the United States dollar-pegged stablecoin Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) also wobbled around 1%, briefly falling from its $1 peg to $0.988, according to <a href="https://www.coingecko.com/en/coins/tether" target="_blank" rel="noopener nofollow">data</a> from CoinGecko. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/f18d33a8-8360-4b60-b987-cc16145fb5dc.png" alt="" title="">
 <figcaption style="text-align: center;">
 Tether experienced a brief wobble on some price tracking sites. Source: CoinGecko
 </figcaption>
</figure>
It’s unclear if the USDT wobble was an error in the API of certain data trackers or if the value of the currency suffered a sudden loss; however, the brief depeg did not appear on other price trackers. 
Cointelegraph contacted Tether but did not receive an immediate response. 
Magazine: <a href="https://cointelegraph.com/magazine/seal-911-team-white-hat-forms-fight-crypto-hacks-real-time/">‘SEAL 911’ team of white hats formed to fight crypto hacks in real time</a>

Bitcoin 5% flash crash leads to $165M in leveraged crypto liquidations

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Cointelegraph

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