On the night of August 17, the price of the first cryptocurrency fell about 8% in just ten minutes, dropping to $25,409. Now the bitcoin exchange rate has risen slightly to $26,493.
According to Coinglass data, more than 175,000 market participants have liquidated positions worth more than $1 billion in the last 24 hours.
The largest closed order was recorded on the Binance exchange in the ETH/BUSD pair – it amounted to $55.92 million.
As a result of the drop, BTC’s market capitalization fell below $500 billion and reached its lowest level since June 20.
Bitcoin’s decline came amid news that SpaceX sold $373 million worth of BTC purchased between 2021 and 2022.
Also the day before, Tether, the issuer of USDT, the largest USDT stablecoin by capitalization, announced that it was ending support for its brainchild on the Bitcoin blockchain, as well as the Bitcoin Cash and Kusama networks.