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$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.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.