Bitcoin Dropped Sharply 20%

Hackers attacked two wallets on BitMart and stole about $200 million in various cryptocurrencies. 

Bitcoin Dropped Sharply 20%

The price of BTC dipped to $42,000 on Saturday. The fall was over 20% and pulled most altcoins into the red zone. As of 10 a.m. (GMT+2) on December 6, the value of BTC has slightly increased and is fluctuating at $48,000. At the same time, the weekly drop of the leading cryptocurrency exceeds 16%, according to CoinMarketCap.

The total trading volume over the past 24 hours decreased by 21,7%. Market cap sagged by 5,3% to $2,21 trillion. 

According to data from Coinglass, an unnamed large investor cut BTC positions by $500 million. Amid a sharp drop in Bitcoin price, aggressive liquidations in the derivatives market occurred, exceeding $1,3 billion. In addition, 400,000 traders liquidated margin positions totaling over $2,5 billion during the day. Over $1 billion of liquidations came from Bitcoin transactions. Ethereum transactions showed losses of $620 million.

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