Bitcoin's price dropped below $30,000 on Wednesday to as low as $29,000, likely due to a long squeeze as over $25 million in bitcoin futures were liquidated, of which longs made 98% of the positions. The sell-off did not appear to stem from any immediate fundamental reason. The broader crypto market also experienced a sell-off, with ether falling 3% in the past hour.

(By Shaurya Malwa)