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.
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.
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.
Gamza Khanzadaev
Tomiwabold Olajide
Arman Shirinyan
Godfrey Benjamin