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.
- 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.