Bitcoin underwent a mini flash crash on Wednesday as its price fell from $59,400 to nearly $57,000 in just five minutes of trading.
Analysts blamed overleveraged long positions for the downside move, with the plunge liquidating about $600 million worth of extended bullish contracts across major futures exchanges. The wipeout followed up with a short sustainability period as Bitcoin maintained a short-term price floor at around $58,000.
Bitcoin vows to retest $60,000-breakout. Source: BTCUSD on TradingView.com
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Heading into the US session, the flagship cryptocurrency mostly wobbled between profits and losses. Some respite to bulls came from Goldman Sachs, which announced that it would soon offer its first investment services for bitcoin and other cryptocurrencies to clients of its private wealth management group.
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Mary Rich, global head of digital assets for Goldman’s private wealth management division, confirmed in an interview with CNBC that they would offer clients a “full-spectrum” of cryptocurrency investment services, “whether that’s through