Bitcoin and Ethereum crash by more than 12% in 6 minutes as more than $1B of positions gets liquidated

Bitcoin and Ethereum crashed by 12% and 20% respectively in about 6 minutes as more than $1 billion of positions had been liquidated.

Bitcoin’s worth went from $11,930 to $10,550. By press time, the value has now recovered to about $11,400.

Ethereum crashed from $408 to $326. By press time, the value has now recovered to about $380.

Liquidations

About $1.1 billion value of futures positions of more than 70,000 merchants had been liquidated throughout all exchanges, in line with market knowledge website Bybt. Practically $400 million was liquidated on every OKEx and Huobi; adopted by BitMEX ($164M) and Binance ($86M).

The most important single liquidation order value $10 million occurred on BitMEX’s Bitcoin perpetual swap. Most of the liquidations, about $647 million, got here from Bitcoin’s futures, adopted by Ethereum with $165 million of liquidations.

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