It appears that the bulls may have celebrated too early, as the cryptocurrency market took a turn for the worse. After having surged to $30K earlier today, the price took a sudden u-turn and plummeted to $27K in less than an hour.
- This left close to $200 million in liquidated leveraged positions in the past hour alone.
- Upwards of 90% of the liquidations in the past hour were longs, accounting for more than $157 million. Binance and OKX account for the majority of the volume.
- In fact, 97% of the liquidations on Binance were leveraged long positions.
- At the time of this writing, BTC is trading at around $27,500, but the volatility is at extremes.
- The rest of the market also took a beating, with ETH down to $1800.