Ledger security breach triggers Bitcoin tumble and $83 million in liquidations

exchange681 week ago

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Quick Take

Bitcoin’s value experienced significant fluctuation just before the opening of the U.S. market, likely triggered by news of a security breach in Ledger’s library.

The fallout sent Bitcoin tumbling to a low of $41,500. The compromised library compelled Ledger to release an update to rectify the issue swiftly. As this drama unfolded, it triggered a ripple effect in the broader cryptocurrency market, resulting in roughly $83 million in liquidations over a span of four hours, according to Coinglass.

This development comes after Bitcoin’s rise above $43,000 yesterday, widely attributed to the Fed’s continued rate hike pause. Correspondingly, this caused a notable surge in the Chicago Mercantile Exchange (CME) open interest, which spiked by almost 8% within the past 24 hours.

However, the sudden price drop and subsequent liquidations in Bitcoin led to a considerable closure of nearly 7,000 Bitcoin in open interest.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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