Liquidations Hit $480M In a Hour as Bitcoin Plunges Below $81K

The latest leg down came after another transfer from the US government.

Bitcoin has nosedived again in the past hour or so, dumping below $81,000 for the first time since September 21 when it broke out.

The liquidations have skyrocketed once again, exceeding $480 million in the past hour alone. As expected, the majority is from long positions.

Cryptopotato reported yesterday that BTC crashed by $2,000 within 20 minutes, which was rather unexpected. It came after the US government transferred a portion of its crypto holdings to Coinbase Prime.

At the time, the cryptocurrency fell below $84,000 and managed to hold at around that level for hours.

However, the landscape worsened in the past several hours, with the asset tanking below $81,000. This also coincided with a new BTC transfer from the US government, according to data from Lookonchain.

The altcoins have followed suit. ETH, which traded above $2,700 until 48 hours ago, is now down to $2,450.

XRP was rejected at $1.50 and has dumped to $1.34 as of now. Notable losses also come from SOL, HYPE, DOGE, and others.

Naturally, the total value of wrecked positions has jumped a lot. Data from CoinGlass shows that over $450 million has been wiped-out in the past hour alone. Almost all of it was from longs.

The amount is up to nearly $900 million on a 24-hour scale. The total number of liquidated traders is over 150,000.