After a nearly unstoppable rally, Bitcoin and Ethereum faced an extreme correction just an hour ago. After moving above $12,000 for the first time in a year, BTC slipped by about $1,500 in five minutes while Ethereum crashed upwards of 26%, per some reports.
Chart of ETH's recent price action from TradingView.com
This extreme move — which was arguably one of the fastest drops in the history of this market — sent ripples throughout the market.
According to one trader, $1 billion worth of Bitcoin and Ethereum futures positions were liquidated in that five minute period. This suggests that buyers were extremely overleveraged on the rally, as they presumably assumed this was a full-blown market.
Analysts are still trying to react to the extreme volatility in the price of Bitcoin and …