$500 Million in Crypto Gets Liquidated in One Hour As Bitcoin Declines Below $60,000

As per CoinMarketCap, the two largest crypto assets, Bitcoin and Ethereum are seeing huge price dips. Notably, going below $60,000 and $4,000, as over 500 million USD in liquidations across exchanges

“Bitcoin suddenly fell by 4.5%, falling below 59,000, Ethereum fell below 4,000,..“
“and the amount of liquidation in one hour has exceeded 500 million U.S. dollars.” — Wu Blockchain (@WuBlockchain) October 27, 2021

More so, $500 million in crypto liquidated in an hour. Of course, causing bitcoin to go below the $60,000 level and also drags Eth below $4,000. However, ETH is recovering above $4,000 by now.

As per data by Bybt, in the last 1 hour, a total of $517.02 million worth of crypto positions is in liquidation across multiple crypto exchanges.

Lastly, A total of $503.9 million of that is on Binance, Bitfinex, Huobi, Bitmex, FTX and other digital trading platforms.

Consequently, Bitcoin losses almost $2,000 in just a few minutes.