The Bitcoin accounts of over 100,000 traders have been liquidated after the largest cryptocurrency based on market capitalization tanked below $36,000 in the Asian early hours.
This development comes just a day after the US Federal Reserve revealed in its new policy that interest rates will be increased by half a percentage point. Bitcoin landed at $36, 211 at the close of the east Asia business day.
The large liquidation took Bitcoin traders by surprise, sinking by almost 8.5% which could be an indication of a bearish market.
The total liquidation is estimated to be around $403 million, with longs estimated to be around 85.40% of this figure while the shorts are believed to be around $58.9 million.
At the time of writing, the price of BTC stands at $35.838 and massive sell-offs are ongoing.