$2 Billion Liquidated in Hours as Bitcoin Price Tumbles to $53,500 and Market Cap Loses $100B

There are no boring days in the cryptocurrency market. In a couple of hourly candles, the entire market turned red and lost over $100 billion of its capitalization.

• The total liquidations in the past 24 hours are worth almost $2 billion, according to data from Bybt.
• The largest single liquidation order happened on Huobi. It was an ETH position with a dollar value of a whopping $74.5 million.
• A little less than 196K traders were liquidated.
• Leading the way in the past hour is Bitcoin, followed by Ethereum and Dogecoin.
• Most of the liquidations took place on Bybit, Huobi, and Binance.
• At the time of this writing, Bitcoin is trading at around $54K, down almost $4,000 over the past day and more than $5,000 since yesterday’s high.
• The rest of the market is also deep in the red over the past few hours. In fact, the only two cryptocurrencies from the top 10 that are not down in the past day are ETH, LTC, and Dogecoin. Nevertheless, all of them have declined seriously over the past hour.

Cryptocurrency Market Heatmap. Source: Quantify Crypto