Bitcoin price plunges by over $850 in less than an hour liquidating over $150 million in longs on BitMEX alone. The overwhelming of long orders once again provides liquidity for whales for a massive drop through dominant selling.

The bullish hysteria in the crypto market looks to be blowing off.

As for the altcoins, most are also suffering significant losses against USD. There are some examples:

Ethereum (ETH): $257.92 (-8.47%)
Ripple (XRP) : $0.27 (-8.07%)
Bitcoin Cash (BCH): $376.71 (-9.79%)
EOS (EOS): $4 (-11.8%)
Binance Coin (BNB): $22.19 (-7.66%)

So, what’s behind today’s panic selling?

Derivatives Analytics

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