Bitcoin Drops to $29,000 in Sudden Sell-Off; Longs Are 98% of Over $160M in Crypto Liquidations

While the sell-off did not appear to stem from any immediate fundamental reason, an unexpectedly high U.K. March inflation figure of more than 10% may have influenced market sentiment. Also in the mix: A so-called long squeeze. More than $25 million in bitcoin futures were liquidated – of which longs, or bets on rising prices, made 98% of the positions.