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 TradingViewIn 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.