Bitcoin's price dipped below $57K, ETH went below $4K and we saw around $120 million in liquidations in just an hour.
The cryptocurrency market continues to decline as Bitcoin’s price dipped below $57K, while Ethereum reached as low as $3,950 on Binance. This left around $120 million liquidated in just an hour.
The bitcoin price is now down 5% in the past 24 hours and 12% in the past week as it dipped below $57K moments ago.
This is the lowest BTC has been trading at since October 28th.
Chart by TradingView
In the meantime, Ethereum’s price also took a beating as it dipped below $4K and reached $3,950. The cryptocurrency is down 5.1% in a day and 13.5% in a week.
Data from Bybt shows that this latest dump led to about $120 million worth of liquidated positions in the past hour, about 40% of which came from BTC alone.
The total amount of liquidations for the day is $431 million.
The largest single liquidation order took place on Bitmex – it was a BTC/USD position with a face value of $7.2 million.
80% of the liquidations in the last hour were of long positions, where the leading exchange in terms of it is Binance, followed by FTX and Bybit.
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
