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

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

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

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

Liquidations

About $1.1 billion worth of futures positions of more than 70,000 traders were liquidated across all exchanges, according to market data site Bybt. Nearly $400 million was liquidated on each OKEx and Huobi; followed by BitMEX ($164M) and Binance ($86M).

The largest single liquidation order worth $10 million happened on BitMEX's Bitcoin perpetual swap. Most of the liquidations, about $647 million, came from Bitcoin's futures, followed by Ethereum with $165 million of liquidations.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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