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$220M in Longs Liquidated in 1 Hour as ETH Dips Below $2K and BTC Slides to $72K

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The cryptocurrency market is on the move again, and the direction is rather familiar and painful. Bitcoin just tanked to $72,000, marking a multi-month low, and the altcoins have followed suit after Trump’s latest comments on the war against Iran.

Expectedly, the total value of wrecked positions has jumped again, with $220 million worth of longs getting wrecked in just an hour.

Crypto Market Drops Again

Recall that it was just eight days ago when the primary cryptocurrency stood at $81,000 before it was rejected 24 hours later and slumped by several grand to $75,600. On Friday, it dipped further to under $75,000. Nevertheless, it managed to stand close to $76,000 over the weekend before the bears regained control of the market at the start of the current business week.

The culmination until today involved a slip below $73,000 on Tuesday after the higher-than-expected CPI reading. Bitcoin tried to recover some ground yesterday when it neared $75,000, but another rejection followed that drove it south to $73,500 earlier today. It dived once again minutes ago to $72,150 on most exchanges, after US President Donald Trump said his country doesn’t need a deal with Iran. Brent and WTI futures rose by over 1%, unlike the crypto markets.

BTCUSD November 12. Source: TradingView
BTCUSD November 12. Source: TradingView

Many altcoins have taken even more severe beatings. ETH slid below $2,000 for the first time since August 19, while XRP came just inches away from dipping beneath $1.00. NEAR has dumped the most among the larger-cap alts, plunging by almost 10% to under $3.40. XMR, HYPE, ZEC, DOGE, and SOL are also well in the red.

Liquidations Rise

The liquidations on a daily scale are up to $530 million, but $222 million out of that total came in the past hour alone. As typically happens under similar market conditions, longs are responsible for the lion’s share, with $217 million. BTC leads the adverse trend with $92.61 million in wrecked positions, while ETH follows suit with almost $59 million. That’s all in the past hour.

The number of wiped-out traders is close to 110,000, while the single-largest liquidated position took place on Hyperliquid and was worth over $31 million. It involved the BTC/USDT pair.

Liquidation Data on CoinGlass
Liquidation Data on CoinGlass

 

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