Almost $3B In Bitcoin Positions Liquidated In 26% Drop – January 12

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $35,592

Bitcoin price fell further over the last 24 hours, touching briefly below $31,000 at its lowest point. Price has since recovered to levels above those from yesterday.

Top-20 altcoins have stabilized over the last 24 hours, despite also briefly plunging to lower levels.

Top Stories for January 12, 2021 πŸ”₯

πŸ‘‰ Almost $3B In Bitcoin Positions Liquidated In 26% Drop

Data from futures information platform ByBt has shown that a whopping $2.9 billion worth of Bitcoin positions were liquidated in today’s market-wide plunge.

Bitcoin itself dropped as much as 26%, briefly breaking below the $31,000 mark before recovering higher.

Exchange executives have claimed the volatility was expected, citing the size of the recent rally and high leverage on derivatives exchanges.

πŸ‘‰ eToro Under Fire For Halting Bitcoin Trading Mid-Surge

eToro users in Europe had their margin trading services cut off at the end of last week, with just four hours notice according to Wall Street Journal.

Users were instructed to increase their margin collateral to 100% of their positions, closing positions automatically for users who did not heed the short-notice warning.

πŸ‘‰ South Korea’s Nexon Denies Bithumb Acquisition Reports

Nexon, the South Korean gaming giant reported to be pursuing an acquisition of cryptocurrency exchange Bithumb, has denied all reports surrounding the acquisition.

A spokesperson for the company cleared up the rumors in an email to The Block, stating: “NEXON Co., Ltd. has not invested in Bithumb and has no plans to acquire that company”.