A sudden dip in the price of Bitcoin wiped out $300 million of long positions in the market as its price fell 5.47% within minutes on Dec. 5, briefly falling just below $93,000.

Between 6:23 UTC and 6:28 UTC, Bitcoin ( BTC ) dropped from $98,338 to $92,957.

It has since rebounded to $96,624 at the time of publication, according to TradingView data.

The sudden price decline triggered over $303.48 million in liquidations of long positions within the hour, pushing total liquidations over the past 24 hours to $404 million, per data from CoinGlass.

It comes only a day after Bitcoin breached the $100,000 price level for the first time.

This is a developing story, and further information will be added as it becomes available.