Bitcoin’s price plummeted on Thursday to $25,300, touching lows the asset has not seen in the past two months.
The event triggered nearly $1 billion in liquidations across the entire crypto market.
Bitcoin slightly rebounded after the crash, trading for $26,386 at writing time.
The last time Bitcoin traded this low was in mid-June, shortly after Binance and Coinbase were sued by the Securities and Exchange Commission (SEC), and shortly before BlackRock announced its bid for a Bitcoin spot ETF.
According to Coinglass, over $788 million in liquidations have occurred in the past 24 hours, including over $812 million in the last hour alone. Roughly half of the liquidations were on Bitcoin trades, with another $245 million on ETH trades.
The largest single liquidation took place on an ETH-BUSD trade on Binance, clearing out a trader for a whopping $55.92 million. The total number of liquidations surpassed 164,000.
The news arrives shortly after the Wall Street Journal reported that Elon Musk’s SpaceX had sold the remainder of its Bitcoin holdings, writing down its value from last year by $373 million.
Bitcoin / USD. Source: TradingView
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