Leverage traders are nursing losses of over $165 million as the price of Bitcoin tumbled 5%.
A sudden 5% drawdown in the price of Bitcoin (BTC) on Tuesday has seen traders with leveraged exposure to Bitcoin and other cryptocurrencies rack up over $165 million in losses in less than 2 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.
According to data 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 (ETH) longs accounting for the bulk of that figure.