The Bitcoin price plunged by almost $700 in a matter of minutes on Aug. 6 after surging above $12,000 for the first time in three weeks. This, in turn, triggered a string of liquidations on the BitMEX cryptocurrency exchange, a top destination for high-leverage margin trading.
$100 mln worth of BTC getting liquidated
Overall, more than $100 mln worth of longs and shorts got liquidated on the BitMEX cryptocurrency exchange over the last six hours, which is a surefire sign that Bitcoin whales are back in the game.
The BTC price skyrocketed to the $12,200 level at around 8:00 UTC. That rapid surge, which liquidated $40 mln worth of shorts, was followed by a major market downturn.
At 12:00 UTC, a whopping $60 mln worth of BTC has been wiped out in no time.
Bitcoin at a crossroads
Despite the fact that the crypto market is gradually maturing, it is clear that deep-pocketed
whales are still a force to be reckoned with.
The latest drop crashed the hopes of those who expected long and sustained growth after a 33 percent correction.
At the time of writing, Bitcoin is holding a decent support at the $11,650 level.