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Up in five of the last seven sessions, Bitcoin has been steadily climbing higher, breaking above key levels that bulls said precipitate a further rally. That includes Friday, when the coin continued its uptrend, rising as much as 4.9% to $46,679. And its up roughly 50% since hitting a recent low that had taken it below $30,000 at one point this summer.
What turbocharged this week’s crazy cryptocurrency meltdown?
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Last Updated: May 20, 2021, 02:54 PM IST
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Bitcoin dropped as much as 31% Wednesday to near $30,000, and Ether was 44% down at less than $2,000 at one stage. While both have recouped some of the losses, those crashes spread plenty of pain across crypto assets.
Reuters
“What causes such deeper pullbacks are a case of system overload, liquidations, and such factors,” said Vijay Ayyar, head of Asia Pacific at Luno Pte.
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Liquidations and leverage appear to have turbocharged this week’s cryptocurrency meltdown.
Bitcoin dropped as much as 31% Wednesday to near $30,000, and Ether was 44% down at less than $2,000 at one stage. While both have recouped some of the losses, those crashes spread plenty of pain across crypto assets. There were $9.4 billion of liquidations in the 24 hours through 9 a.m. Thursday in Singapore, as more than 887,000 traders liquidated, according to data from B