Cryptocurrencies
Bitcoin’s ‘Most Volatile Day’ Prompts Exchanges to Make Changes
- Thousands of trader positions were liquidated, Huobi says
- Daily volume on some derivative exchanges fell as much as 60%
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The crypto industry won’t soon forget when the widening coronavirus pandemic sent digital currencies tumbling along with most other asset classes worldwide.
Market heavyweight Bitcoin dropped 37.5% on March 12, recording its third-worst 24-hour performance ever -- and the largest decline since the coin entered the mainstream conscience in 2017, according to researcher Coin Metrics. On Huobi, one of the largest digital exchanges, more than 10,000 leveraged users’ positions got liquidated, according to the company.