by Tyler Durden
Sunday, Apr 18, 2021 - 08:21 AM
In a crash that started late on Saturday evening and accelerated throughout the night, Bitcoin and the entire cryptocurrency space plunged the most in more than seven weeks, just days after hitting a new all time high ahead of the Coinbase IPO.
Bitcoin fell 12% to $53,400 as of 8:0 a.m. in New York on Sunday, after plunging as much as 15.1% to $51,707.51 in the Asian day. Ethereum, the second-largest token, dropped almost 18% before paring losses.
The market-wide crash has in $1.72 billion worth of long positions liquidated in just one hour alone.
Expanding this range to 24-hours shows that 927,000 traders’ positions worth nearly $10 billion were wiped off, with $68.73 million being the largest liquidation so far according to FX street.
Who s paying for Europe s COVID-related debts?
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Bitcoin Plunges in Biggest Intraday Drop Since February
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Who s paying for Europe s COVID-related debts?
Germany and the EU are taking on record levels of new debt to help stave off the economic impact of the COVID-19 pandemic. But despite the risk, the current situation can t be compared with the last EU financial crisis.
EU member states have been racking up massive debts to counter the financial fallout of the COVID-19 pandemic
Germany s Bundestag, the lower house of parliament, has presented a supplementary budget for 2021 which will push new borrowing this year to a record high of €240 billion ($287 billion). This bold step, said Finance Minister Olaf Scholz, is intended to cushion the economic impact of the coronavirus pandemic.