Since the daily close 20 minutes ago, Bitcoin has fallen off a cliff.
The cryptocurrency has collapsed from $9,800 where it spent most of Saturday to $8,000 — a drop of more than 15% — since the daily close, shedding support level after support level as if they were not notable at all.
Few traders were expecting this move.
According to data from Skew.com, over $200 million worth of BitMEX long positions have been liquidated in the past 25 minutes. This is the largest bout of liquidations since the crash on March 12th, which sent Bitcoin from $7,700 to $3,700 within the span of 24 hours.
This indicates that longs were overleveraged, presumably because they were anticipating more upside after the rally to $10,000 seen earlier this week.
First-hand reports from Twitter suggest that during this move, Coinbase actually temporarily went down. Though, the site seems to have come back online, at least for this writer.