Signs of the liquidity crisis: 18% drop in BTC price traced to around 1500-4000 BTC being cashed out

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The price of bitcoin plummeted early Saturday, falling nearly $10,000 in roughly an hour to a temporary low of $42,000 before bouncing up to $45,000.

Bitcoin has fallen some $15,000 over the past 24 hours. Ether, the second-largest cryptocurrency by market capitalization, fell around $1,100 over the same time period.

The leading cryptocurrency reflected a broader drop in crypto markets, according to CoinDesk’s price index, with some cryptocurrencies falling more than 20% over the past 24 hours. Most of these assets appear to have suffered a sharp decline starting around 04:00 UTC Saturday.

According to CoinGecko, the overall market cap is currently hovering around $2 trillion.

Spot market selling seems to have driven the cryptocurrency lower. The decline triggered long squeeze in the derivatives market, which, in turn, led to a deeper slide.

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