Bitcoin briefly drops below $7,500, touching five-month low

Bitcoin • October 23, 2019, 9:19AM EDT
UPDATED: October 23, 2019, 3:04PM EDT
The Block

Bitcoin prices fell from $8,000 to as low as $7,450 this morning — a downswing of more than 7%. According to data from Rekto, over the past hour, derivatives exchange BitMEX saw over $205 million worth of XBT Perpetual Swap contracts liquidated. That is to say, a large number of bitcoin levered positions have been automatically closed by BitMEX's system. The low represents a new bottom over the past five months. The price has since settled slightly above $7,500 at the time of this writing.

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BTC/USD Price, Source: TradingView

BitMEX Liquidations, Source: BitMEX

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi