Bitcoin tests $12,000, then slides

In the early hours of Sunday, August 2, Bitcoin briefly breached the $12,000 level but could not hold it. Within minutes the price collapsed to around $10,500.

Source: TradingView

Source: Skew

Sharp price movement triggered a cascade of liquidations across crypto-derivative exchanges. On BitMEX, the hourly liquidation volume totaled $147 million.

Across the board, major cryptocurrencies fell in tandem with Bitcoin. As of writing, only XRP and Ethereum (ETH) remain in the green over the last 24 hours; ETH’s price has fallen from above $400.

Source: TradingView

Source: CoinGecko

Bitcoin rose above $11,000 on July 28, and on Saturday, August 1, prices reached a yearly high, surpassing $11,500.

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