$600 million worth of both long and short positions were liquidated in minutes as Bitcoin's price took a dive and lost around $3,000 in minutes.
Bitcoin went through a sudden crash in today’s European morning trading session, losing around $3,000 of its dollar value in less than an hour. As it’s almost always the case, this caused a serious wave of liquidations throughout the entire market, with over $600 million of leveraged positions wiped out.
In the past hour, data shows that there are over $600 million liquidations – both long and short.
The overwhelming majority of liquidations were long positions, accounting for around 95% of the total amount.
Leading the way is Binance, which is almost always the case since Binance Futures is the world’s leading derivatives exchange by means of users and volume.
The largest single liquidation order took place on Huobi – it was a BTC order worth over $14 million.
All of the above took place following Bitcoin’s sudden crash.
As seen in the below BTC/USD Chart by TradingView, the cryptocurrency crashed by around $3,000 in a matter of 25 minutes.
BTC/USD. Source: TradingView
This happened right as Bitcoin was attempting to penetrate above the coveted $60K mark.
Unfortunately, the cryptocurrency was unable to do so and crashed to below $57K. However, the dip was bought up quickly as BTC recovered some of the losses and is currently trading at around $58,000.
With this said, the entire market took a beating, with all cryptocurrencies following Bitcoin’s footsteps.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
