The cryptocurrency industry has suffered a massive downturn in the past hour resulting in a bloodbath for most digital currencies.
During this time, leveraged long positions worth $160 million were liquidated, with most coming from ETH traders.
- Coinglass reports that liquidations for the past hour alone amount to $164 million.
- Of this, only $4 million was from short sellers, as 98% of the liquidated positions came from leveraged long positions. Bull traders took a hit during this time.
- The majority of liquidations came from ETH positions, which totaled about $36 million, with Bitcoin coming in a close second at $27.6 million. DOGE and XRP also experienced significant losses.