Bitcoin Price Drops Below $42K in Flash Crash, Causing Over $550M in Liquidations
• Bitcoin's price plunged 7% to under $42,000 in a flash crash, erasing gains from past week • Over $550M in crypto positions liquidated in 24 hrs, including $104M in Bitcoin longs • Ethereum fell 8.8% to under $2,200; Solana crashed 15% to under $100 • Price drop comes as market braces for SEC decision on Bitcoin ETF applications • Some analysts speculate SEC will reject all spot Bitcoin ETF applications in January