It has become a recurring pattern that cryptocurrency markets turn red as US trading hours commence, and the last hour has been no exception.
Bitcoin has experienced a downturn, leading many altcoins to follow suit. Consequently, liquidations are on the rise across all timeframes.
The accompanying chart clearly illustrates that today's retracement closely mirrors yesterday's. It's important to recall that BTC dropped to $88,500 just 24 hours ago. However, bears intensified their pressure today, pushing the cryptocurrency to a new seven-month low of just over $88,000.
While this level has so far supported the price correction, it has been tested repeatedly over the past week and may be close to breaking.
Altcoin Performance
Altcoins are not faring any better. Ethereum (ETH) has fallen below $2,900 once again, registering a 3% decline in the past hour alone. XRP is currently testing the critical $2.00 mark following a 3.3% hourly drop. Solana (SOL) has seen even steeper declines in the last hour, losing 4.1% of its value and now trading just above $130.
More significant declines have been observed in STRK (8.5%), ARB (4.6%), DOT (4.5%), and WLD (4.2%), all recorded within a span of less than 60 minutes.
Liquidation Data
As a direct consequence of these price movements, liquidations within this timeframe have surged to over $180 million, according to data from CoinGlass. The majority of these liquidations, amounting to $176 million, stem from long positions. Ethereum is leading Bitcoin in this regard, with $25 million in ETH liquidations compared to $22 million for BTC.
The total value of liquidated positions over the past 24 hours has reached $750 million, affecting nearly 220,000 traders. The single largest liquidated position occurred on Hyperliquid and was valued at over $24 million.
