$160 Million Long Positions Liquidated in Minutes as Bitcoin Crashes Below $29K

The past hour has caused a bloodbath within the cryptocurrency industry as most of them took a massive beating.

This saw a whopping $160 million worth of liquidated leveraged long positions in less than sixty minutes, the bulk of which came from ETH traders.

• According to data from Coinglass, the total amount of liquidations throughout the past hour alone is $164 million.
• Given that 98% of these came from leveraged long positions, only $4 million was from short sellers. The bulls took a beating.
• The bulk of the liquidations in the past hour came from ETH positions which account for around $36 million.
• Bitcoin remains a close second with about $27.6 million, followed by DOGE and XRP.