The cryptocurrency market saw a massive correction that saw $1.7 billion worth of positions liquidated in the space of 24 hours, according to Coinglass data.
Bitcoin dropped from over $100,000 to $94,100 (before bouncing back to $98,000 today), while Ethereum dropped 8% to below $3,800.
The liquidation was massive, with $1.5 billion in long positions and $168 million in short positions, leading to a 7.5% drop in the cryptocurrency’s market cap.
As noted, Bitcoin has partially recovered to $97,800 but is still down 2% in the space of 24 hours.
Altcoins, however, have mostly posted losses of over 10%.
Major cryptocurrencies were not spared, with Ripple (XRP), Dogecoin (DOGE), and Cardano (ADA) suffering the biggest losses, falling by 11%, 10%, and 13%, respectively.
The reasons for the decline have not been determined, but some analysts have pointed to the impact of Google’s release of the Willow quantum computing chip and large Bitcoin transfers by the state of Bhutan.
Arkham Intelligence data revealed that Bhutan transferred 406 Bitcoin to Singapore’s QCP Capital, along with a $19 million transfer to an anonymous wallet.
Despite these activities, Bhutan holds 11,688 Bitcoins worth an estimated $1.1 billion, making it one of the largest governments holding Bitcoin in the world.
It is worth noting that Bhutan relies on hydroelectric power to mine Bitcoin.
