Summary
TLDR: Bitcoin’s sudden drop to $61,000 caused $255 million in liquidations, but the market is showing signs of recovery. Derivatives traders have suffered losses, but there is hope for improved global liquidity. There are concerns about the impact of the upcoming Bitcoin halving on the market.
Key Points
1. Bitcoin plummeted to $61,000, causing $255 million worth of liquidations in the market.
2. The Bitcoin price has shown signs of recovery, reaching just under $63,000 early Thursday.
3. Long contracts worth over $700 million were liquidated over the weekend, impacting crypto derivatives traders.