Bitcoin experienced a rapid morning plunge, with over 580,000 people being liquidated in the past 24 hours.

Bitcoin futures contracts experienced a rapid plunge this morning, with prices briefly falling below 60,000 USD before rebounding in a "deep V" pattern. As of the time of writing, the price of Bitcoin had recovered to near 65,000 USD. According to CoinGlass data, a total of 586,219 people were liquidated in the past 24 hours, with a total liquidation amount of 2.665 billion USD. Of this, long positions accounted for 2.314 billion USD, while short positions accounted for 0.351 billion USD.