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$648 Million Worth of Longs Liquidated in One Hour as Bitcoin Dips to $55K

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Wed, 04/07/2021 - 12:26
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Alex Dovbnya
Bitcoin and other cryptocurrencies are in the middle of a mid-week plunge
$648 Million Worth of Longs Liquidated in One Hour as Bitcoin Dips to $55K
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A sudden Bitcoin dip to the $55,000 level has pummeled the whole cryptocurrency market, triggering a string of liquidations across major exchanges.

The largest cryptocurrency dropped to an intraday low of $55,761 at 11:37 a.m. UTC on the Bitstamp exchange and has since consolidated above $56,000.

Bitcoin
Image by tradingview.com

As per Bybt data, $677 million worth of crypto has been wiped out over the past hour, with long positions accounting for over 95 percent of all liquidations.

Bybt
Image by bybt

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Altcoins wobble

After reaching its three-year high on April 6, XRP is now the biggest laggard in the CoinMarketCap top 10, plunging more than 22 percent from its local peak.

Over $22.6 million worth of XRP longs have been liquidated over the past hour.

Ethereum and Binance Coin are also down more than seven percent.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.