Nearly USD 500m in long positions were liquidated across the crypto market in just one hour on Wednesday, as the price of bitcoin (BTC) fell below the psychologically important USD 60,000 level, and ethereum (ETH) dropped below USD 4,000.
At press time (08:26 UTC), BTC was down by 7.5% for the past 24 hours and 3.3% for the past hour, trading at a price of USD 58,900. However, the current price is still markedly up from a low of USD 58,000 reached just after 08:00 UTC.
Meanwhile, ETH was down by 5.7% over the past 24 hours and 5.1% over the past hour, trading right around the USD 4,000 mark at 08:26 UTC.
According to data from Bybt, total long liquidations of USD 486m and short liquidations of USD 12m were seen in the hour between 07:26 and 08:26 UTC. In total, the 1-hour liquidations amounted to more than USD 500m, with the crypto exchanges Binance and Bitfinex by far contributing the most to the high figure.
Worth noting for ETH was that the price did find support around USD 3,950, which was the local market top from early September. A correction down to this level could therefore be seen as a retest of the support just below the USD 4,000 mark.