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Bitcoin Drops Below $60,000 as $500 Million in Crypto Gets Liquidated in One Hour

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Wed, 10/27/2021 - 08:52
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Yuri Molchan
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
Bitcoin Drops Below $60,000 as $500 Million in Crypto Gets Liquidated in One 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.

$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.

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Image via Bybt

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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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.