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According to data from “Coinglass” and “CoinGecko”, the price of Bitcoin fell below $89,000 after a rapid decline from over $91,000 levels in the past few hours, resulting in the liquidation of more than $200 million worth of buy orders in the digital currency market.
This sharp drop caused trades to be automatically liquidated, with traders using leverage to bet on higher prices.
When prices fall below pre-set safety levels, the trading platform automatically sells these positions to reduce losses.
This decline reflects the continued pressure Bitcoin faces amid increasing volatility related to major economic factors.
The latest decline followed Bitcoin’s worst monthly performance in seven years in November, with the currency ending the month down 18%.
The digital currency touched levels of $82,100 before recovering above $92,000 earlier this week.
Also read:
Bitcoin price stabilizes at $91,000, many alternative digital currencies recover
