A minor Bitcoin ‘flash crash’ on Wednesday caused BTC to fall roughly $2000 in five minutes, triggering a wave of liquidations. According to CoinTelegraph, the crash from $59,350 to $57,000 was somewhat unusual on an otherwise calm day in crypto markets.
The flash crash was bad news for long traders. The crash, which lasted just over an hour, caused liquidations of long positions worth some $600 million. Over the 24-hour period preceding the crash, crypto markets saw a total wipeout of $1 billion.
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Approximately three hours after the flash crash began, Bitcoin appeared to be on the road to recovery. At press time, BTC was changing hands at $58,276.40.