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June 27, 2022
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Guide & Analysis

$ 7.6 billion in longs were paid off in one hour as Bitcoin plummeted to the $ 51,000 region

Crypto market plummeted along with Bitcoin during the night and most cryptocurrencies saw losses of more than 20%

Thousands of cryptocurrency positions worth $ 7.6 billion were liquidated in the last hour, as Bitcoin’s price plummeted to just over $ 51,000 (on the Bitstamp exchange), show bybt.com data.

Bitcoin’s price started to fall since the beginning of Saturday, but the sudden drop started around 3am UTC on Sunday.

Bitcoin’s price fell more than 10% in the last hour, from $ 58,000 to less than $ 52,000, during which around $ 4.3 billion in Bitcoin long positions were liquidated.

At the time of writing, the price of Bitcoin has returned to around $ 55,000.

Overall, $ 9.2 billion in long positions in cryptocurrencies have been settled in the past 24 hours.

Source: TheBlockCrypto

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