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Bitcoin Drops Over 5000 USD In Hours, 1.5 Billion USD Liquidated

The digital currency market went through a correction today as the entire capitalization witnessed around ninety billion pulled out in a couple of hours. This occurred as BTC lost approximately five thousand USD of its value while the altcoins trailed through with considerable losses on their own.

The digital asset market was due to a correction, as per many analysts, and it seems that one may have just taken place. Bitcoin mislaid over five thousand USD of its value in a couple of hours, bringing the entire crypto market down with it.

Data suggests that this gave rise to a gigantic 1.5 billion USD liquidations worth of both long and short positions across the key cryptocurrency exchanges over the last day.

At press time, BTC is changing hands at around 54000 USD and is down by over 6% on the day.

A renowned digital currency monitoring company, CryptoQuant took it to Twitter to divulge that there were substantial Bitcoin inflows into all crypto exchanges, mostly Gemini.

During the pullback, Altcoins also suffered significantly. Ethereum is down almost 7 percent, BNB is down by around 6.5%, at press time.

It is to be noted that XRP remains one of the only key altcoins that is still in the green over the last twenty-four hours.

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