Bitcoin has sustained a strong correction over the past few days as legacy markets have turned red. The price of the leading cryptocurrency just plunged under $10,000 minutes ago for the third time in the past 48 hours.
BTC now trades for $9,950 as of this article’s writing, around a percent or two above the local lows of $9,800.
The market’s momentum seems to be bearish. This is exemplified by futures markets for Bitcoin, which have begun to print a series of negative funding rates, which means the prices of these futures markets are below the spot/index price of BTC.
Chart of BTC's price action over the past few weeks from TradingView.com
Millions in Bitcoin Contracts Liquidated
Millions of dollars worth of Bitcoin futures contracts have been liquidated as the leading cryptocurrency has slid lower.
According to Skew.com, a crypto derivatives tracker, more than $40 million worth of BTC longs have been liquidated over the past two hours. This adds to the $250 million more that has been liquidated over the past few days as Bitcoin has slipped from the $12,000 highs to the recent levels.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Price Slips Below $10,000, Liquidating $40 Million