The flagship cryptocurrency falls below the $ 60,000 level and Ethereum drops below $ 4,000, while more than $ 500 million in crypto has been liquidated in a single hour.
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 of crypto liquidated in an hour
The crypto king sank below the $ 60,000 level, dragging Ethereum with it into the area below $ 4,000. ETH has recovered above $4,000 by now, however.
According to data shared by Bybt, in the past hour, a total of $ 517.02 million in crypto positions have been liquidated on 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.
Bitcoin rally comes to a halt as long-term traders fix their 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.
In addition, long-term Bitcoin traders appear to be withdrawing some of their profits; this is what usually happens after BTC hits 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.
