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Bitcoin briefly drops below $7,500, touching five-month low

Bitcoin prices fell from $8,000 to as low as $7,450 this morning — a downswing of more than 7%. According to data from Rekto, over the past hour, derivatives exchange BitMEX saw over $205 million worth of XBT Perpetual Swap contracts liquidated. That is to say, a large number of bitcoin levered positions have been automatically closed by BitMEX’s system. The low represents a new bottom over the past five months. The price has since settled slightly above $7,500 at the time of this writing.

BTC/USD Price, Source: TradingView

BitMEX Liquidations, Source: BitMEX