$48M Longs Liquidated In An Hour As Bitcoin Loses $20K Support

Crypto traders in long positions saw large-scale liquidations over a one-hour period on Monday after Bitcoin BTC/USD lost support at $20,000.

What Happened: According to data from Benzinga Pro, Bitcoin experienced a sharp selloff on Monday evening, falling from an intra-day high of $20,648 to a low of $19,823 in just six hours.

Traders in long positions were the worst hit, with crypto long liquidations hitting $48 million over a one-hour period around 6 p.m. ET.

Over $8 Million in #Bitcoin Long Liquidations in 5 Minutes pic.twitter.com/XlCCoRdMZI
— On-Chain College (@OnChainCollege) July 11, 2022

Data from CoinGlass shows that more than 61,000 traders over the last 24 hours. The amount of 24-hour liquidations exceeded $176 million led by Ethereum ETH/USD and Bitcoin.

Ethereum saw $60.8 million worth of liquidations as the asset fell to an intra-day low of $1,068, followed by Bitcoin which saw $59.4 million worth of liquidations.

Altcoins Solana SOL/USD, Polygon MATIC/USD, and Dogecoin DOGE/USD saw comparatively moderate liquidations of $3.4 million, $2.9 million, and $2.2 million respectively.