Bitcoin Cash Suddenly Dumps 5% as Whale Reportedly Dumps 60,000 BCH

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The largest single liquidation today also involved BCH.

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Summarize with AI

Summarize with AI

Although the rest of the cryptocurrency market has remained essentially flatlined over the past 24 hours or so, Bitcoin Cash just plunged by over 5% in minutes.

The move drove the popular altcoin from over $482 to $457 before it found some support and now trades close to $459.

BCHUSD March 29. Source: TradingView

This sudden and rather unexpected drop came amid reports that an unknown whale had disposed of a big chunk of BCH tokens.

Data shared by well-known analyst CW suggested that this entity sold off over 60,000 BCH in minutes, which led to an instant and violent uptick in the selling volume.

CoinGlass shows that almost $2.5 million worth of leveraged BCH positions have been wiped out in the past 24 hours. Expectedly, the majority ($2.4 million) was wrecked in the past few hours when the price calamity unfolded.

This means that 10% of the total liquidations in the past 4 hours came from BCH’s drop, which is quite logical given the fact that the rest of the market has shown little to no moves in the same timeframe.

Moreover, most of it was from a single position, which became the largest liquidation today. $2.15 million was liquidated on Binance involving the BCH/USDT trading pair.

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Source: https://cryptopotato.com/bitcoin-cash-suddenly-dumps-5-as-whale-reportedly-dumps-60000-bch/