$600 Million Liquidated as Bitcoin Price Drops $3000 in Minutes, Rejecting the $60K Resistance

$1.5 Billion Longs Liquidated as Bitcoin Price Tumbled Below $53,000

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.
BTC/USD. Source: TradingView
  • 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.
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