$300M in Longs Liquidated in 1 Hour: Bitcoin Crashes, Ethereum Rejected at $5K

The entire cryptocurrency market headed straight south on Sunday evening, led by a massive price drop from the largest of the bunch. Bitcoin’s price had calmed at around $115,000 all day with little to no moves in either direction, but suddenly plunged to its lowest price level since July 10. BTCUSD.). Bitcoin recovered two grand since then, but still trades below $113,000.

It took most altcoins south with it, including ETH, which was flying ￰0￱ fact, the second-largest cryptocurrency just painted a new all-time high of almost $5,000. As the community was anticipating a breakthrough above that milestone, though, ETH plummeted to nearly $4,700 before recovering to around $4,800 as of press ￰1￱ altcoins charted similar volatile price moves over the past hour, which has harmed over-leveraged ￰2￱ from CoinGlass shows that the hourly liquidations have shot up to well over $300 million, with longs responsible for roughly 90% of the entire ￰3￱ wrecked positions on a daily scale are almost double that size, with over 130,000 traders ￰4￱ single-largest wrecked position took place on OKX and was worth north of $12 ￰5￱ Heat Map.