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    Home » Crypto News » Over $300M Liquidated in an Hour as Bitcoin Dumps Below $55K to 6-Week Low

    Over $300M Liquidated in an Hour as Bitcoin Dumps Below $55K to 6-Week Low

    Author: Jordan Lyanchev

    Last Updated Nov 26, 2021 @ 08:59

    The liquidations skyrocketed to over $300 million on an hourly scale as bitcoin, and the rest of the market turned deep red.

    Bitcoin plummeted by several thousand dollars in just a few hours to a six-week low of under $55,000. Most of the cryptocurrency market experienced an even more severe crash. The hourly liquidations exceeded $300 million.

    • It was yesterday when the primary cryptocurrency surpassed $59,000 for the first time in days and aimed at $60,000. As with the previous few attempts, though, it failed to challenge that coveted level.
    • Just the opposite, BTC retraced to around $58,000, where it stood for a while. However, as reports started to emerge about a new mutated COVID-19 variant, the price of the asset started to tumble.
    • In just an hour, bitcoin lost more than $3,000 of value and dumped below $55,000 for the first time since October 13th.
    • The situation with the rest of the digital asset market is quite similar, if not worse. Ethereum is down to $4,100, which is a 5% daily drop.
    • Solana, Polkadot, Dogecoin, Avalanche, CRO, Litecoin, and Ripple have lost even more substantial chunks of value – between 9% and 15% in 24 hours.
    • Somewhat expectedly, this enhanced volatility has caused pain for leveraged traders. On-chain data shows that the liquidations have skyrocketed to more than $300 million in an hour and over $600 million on a daily scale.
    • The largest single liquidated order transpired on Bybit. It was worth $12 million and involved the second-largest crypto – ETH.
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    Tags: Bitcoin (BTC) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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