Things move fast in the crypto markets. Having surged to $30K earlier today, BTC took a sudden dive and is now trading at around $27.5K.
It appears that the bulls may have celebrated too early, as the cryptocurrency market took a turn for the worse. After having surged to $30K earlier today, the price took a sudden u-turn and plummeted to $27K in less than an hour.
This left close to $200 million in liquidated leveraged positions in the past hour alone.
Upwards of 90% of the liquidations in the past hour were longs, accounting for more than $157 million. Binance and OKX account for the majority of the volume.
In fact, 97% of the liquidations on Binance were leveraged long positions.
Source: TradingView
At the time of this writing, BTC is trading at around $27,500, but the volatility is at extremes.
The rest of the market also took a beating, with ETH down to $1800.
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
