As reported by CoinMarketCap, the crypto assets Bitcoin (BTC) and Ethereum (ETH) have decreased in price, falling below $60,000 and $4,000, respectively. Over USD 500 million across exchanges was liquidated according to the Bybt solution.
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
Millions Liquidated In One Hour
The king of crypto has dropped below the $60,000 level, dragging ETH down below $4,000. However, Ethereum has recovered over $4,000 by now.
According to Bybt, about $517 million worth of crypto holdings have been liquidated over several crypto exchanges over the past hour.
A total amount of $503.9 million sold in longs on Bitfinex, Binance, Bitmex, Huobi, FTX, and other digital trading platforms.
Bitcoin Rally Stops
BTC lost close to $2,000 in only a few minutes. Besides, funding rates on several crypto exchanges spiked alarmingly. The level of Bitcoin Fear and Greed plummeted from its highest point in over half a year.
Also, Bitcoin long-term investors appear to be extracting some of their profits. This withdrawal is what typically takes place after BTC achieves a new all-time high.
Chinese crypto reporter Colin Wu thinks that the BTC price decrease could be correlated with the fall in the US and Asia-Pacific stock markets.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.