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.
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.