Bitcoin and Ethereum crashed by 12% and 20% respectively in about 6 minutes as more than $1 billion of positions were liquidated.
Bitcoin’s price went from $11,930 to $10,550. By press time, the price has now recovered to about $11,400.
Ethereum crashed from $408 to $326. By press time, the price has now recovered to about $380.
About $1.1 billion worth of futures positions of more than 70,000 traders were liquidated across all exchanges, according to market data site Bybt. Nearly $400 million was liquidated on each OKEx and Huobi; followed by BitMEX ($164M) and Binance ($86M).
The largest single liquidation order worth $10 million happened on BitMEX’s Bitcoin perpetual swap. Most of the liquidations, about $647 million, came from Bitcoin’s futures, followed by Ethereum with $165 million of liquidations.