$2.2 Billion Longs Liquidated in 24 Hours as Bitcoin Price Slides Below $55K

The past few hours have been rather unpleasant for bulls as the market took a swing to the lower side. More than $120 billion were wiped off the market capitalization, as bears poke their face.

• The latest developments in the cryptocurrency markets led to the liquidation of almost $2.3 billion worth of liquidations across both long and short positions in the past 24 hours alone.
• Unfortunately for bulls, it was the bears who got the upper hand in this, as 94% of all liquidations were long positions.
• They account for $2.17 billion in the past 24 hours across major exchanges.

Exchange Liquidations. Source: Bybt

• To no one’s surprise, most of the liquidations took place on Binance, followed by Bybit and Huobi.
• Around $975 million of the total volume came from BTC liquidations in the past hour alone.
• This came as the price for the major cryptocurrency slipped below $55,000, losing about $3,000 in the past hour alone.
• At the time of this writing. Bitcoin is trading indecisively around $55.5K and it’s interesting to see whether the pain is over or if there’s more to come.
• As CryptoPotato reported earlier today, the downturn was felt throughout the entire market.
• Ethereum trades around $1750, down 8% in the past day, BNB sits at $250, down 9.3%, while other large-cap cryptocurrencies are charting similar losses.