Bitcoin Drops Below $60,000 as $500 Million in Crypto Gets Liquidated in One Hour
The flagship cryptocurrency declines below the $60,000 level and Ethereum goes under $4,000, while over $500 million in crypto was liquidated in a single hour
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According to data provided by CoinMarketCap, the two largest crypto assets, Bitcoin and Ethereum, have declined in price, going below $60,000 and $4,000, as over 500 million USD in liquidations across exchanges were noticed by the Bybt service.
Bitcoin suddenly fell by 4.5%, falling below 59,000, Ethereum fell below 4,000, and the amount of liquidation in one hour has exceeded 500 million U.S. dollars.
— Wu Blockchain (@WuBlockchain) October 27, 2021
$500 million in crypto liquidated in an hour
The king crypto has gone down below the $60,000 level, dragging Ethereum along with it to the area below $4,000. ETH has recovered above $4,000 by now, however.
According to data shared by Bybt, over the past hour, a total of $517.02 million worth of crypto positions have been liquidated across multiple crypto exchanges.
A total of $503.9 million of that were liquidated in longs on Binance, Bitfinex, Huobi, Bitmex, FTX and other digital trading platforms.
Bitcoin rally halts as long-term traders are fixing profits
Thus, Bitcoin lost almost $2,000 in just a few minutes. Besides, funding rates on various crypto exchanges spiked dangerously and the level of Bitcoin Fear and Greed dropped from the highest mark in more than half a year.
Besides, Bitcoin long-term traders seem to be withdrawing some of their profits; this is what usually happens after BTC reaches a new all-time high.
BTC hit a new lifetime peak of $66,930 on Oct. 20.
Chinese crypto journalist and blogger Colin Wu believes that the Bitcoin price drop could be caused by the fall in the US and Asia-Pacific stock markets.