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$2.2 Billion Longs Liquidated in 24 Hours as Bitcoin Price Slides Below $55K

The past few hours have been rather unpleasant for bulls as the market took a swing to the lower side. More than $120 billion were wiped off the market capitalization, as bears poke their face.
The latest developments in the cryptocurrency markets led to the liquidation of almost $2.3 billion worth of liquidations across both long and short positions in the past 24 hours alone.
Unfortunately for bulls, it was the bears who got the upper hand in this, as 94% of all liquidations were long positions.
They account for $2.17 billion in the past 24 hours across major exchanges.
Exchange Liquidations. Source: BybtTo no one’s surprise, most of the liquidations took place on Binance, followed by Bybit and Huobi.
Around $975 million of the total volume came from BTC liquidations in the past hour alone.
This came as the price for the major cryptocurrency slipped below $55,000, losing about $3,000 in the past hour alone.
At the time of this writing. Bitcoin is trading indecisively around $55.5K and it’s interesting to see whether the pain is over or if there’s more to come.
As CryptoPotato reported earlier today, the downturn was felt throughout the entire market.
Ethereum trades around $1750, down 8% in the past day, BNB sits at $250, down 9.3%, while other large-cap cryptocurrencies are charting similar losses.

Story continues on Crypto Potato

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