Bitcoin Plunges Below $20,000 during Asian session

Bitcoin’s price suddenly plunged below the psychological level of $20,000 in the early hours of today.

Information from cryptocurrency data platform Coinglass shows that $112.83 million worth of crypto has been liquidated over the past hour alone at the time of writing (8 am WAT). Long positions add up to a total of 94.94% of the wiped-out positions.

The intensity of the current correction is attributed to the ongoing FUD triggered by the uncertainty of the crypto giant FTX taking into account its recent feud with Binance.

FTX exchange native token $FTT suddenly plunged 14% in a single hour. The exchange token is now down 25.64% over the past day.

For BTC, the Monthly Timeframe still shows a possibility of a bullish reversal occurring, levels to watch for a turnaround in this ongoing correction are $19,200 – $19,600.

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