$100M Liquidated In 1 Hour As Bitcoin Slips Below $39,000

More than $100 million worth of longs were liquidated over a one-hour time frame as Bitcoin BTC/USD lost support at $39,000.

What Happened: According to data from Benzinga Pro, Bitcoin saw a sharp selloff during Asian hours on Monday. The leading digital asset lost 4% of its value and fell to an intra-day low of $38,905.

Ethereum ETH/USD, Solana SOL/USD, Cardano ADA/USD, and other leading altcoins also saw a sudden drop in prices.

The market-wide sell-off resulted in large liquidations across the board. Data from CoinGlass shows that there were $110 million worth of positions were liquidated over a one-hour period.

The majority of liquidated traders were in long positions. In the last one hour, $107 million longs were liquidated while just $3.91 million shorts were liquidated.

Bitcoin saw $31.81 million worth of liquidations while Ethereum came a close second with $31.41 million worth of liquidations.

Dogecoin DOGE/USD saw $2.47 million worth of liquidations and Solana saw $3.17 million liquidated.