The price of Bitcoin suddenly dropped 6.5% to fall below $41,000 on Dec. 11, wiping out around five days of gains.

The price of Bitcoin briefly fell below $41,000 on Dec. 11 at 2:15 am UTC, following a sudden 6.5% drawdown from $43,357 to as low as $40,659 in a span of 20 minutes.

At the time of publication, Bitcoin was trading slightly up from the local low at $41,960, TradingView data shows.
Ether the second-largest cryptocurrency by market cap, also declined abruptly, falling more than 8.9% in the same time frame. The price of ETH has since stabilized and is trading for $2,233, down 5.3% on the day.

Other large-cap crypto assets, including BNB ,XRP,and Solana , also posted losses.

According to data from CoinGlass, the brief drop caused more than $270 million worth of long positions to be liquidated. The decline also wiped out some $1.2 billion in open interest on BTC, which is currently sitting around $17.9 billion.

The drawdown, funnily, came only minutes after Wolf of All Street’s Scott Melker noted that Bitcoin had just closed its eight green weekly candle, adding the remark: “When correction, sir?”

The drawdown marks the largest single-day decline for Bitcoin in over a month, with the asset having grown more than 12% over the last 30 days.

Source - Coin Telegraph