(BTCThe price () suddenly fell below $47,000 Dec. 4, losing close to 20% over the last 24 hours. This represents the most dramatic one-day fall since May 15, when Bitcoin’s price dropped to almost $33,000.

BTC’s market price fell 26.4% after a week of support at $57,206. It then dropped to $42,268 and recovered to $45k. ByBit data indicates that there were $1.3B worth of liquidations on the Bitcoin market in the last hour. This includes $735M in BTC longs.