Bitcoin and Ethereum plummeted 12% and 20% respectively in about 6 minutes as more than $ 1 billion of positions were liquidated.
Ethereum has plummeted from $ 408 to $ 326. As of press time, the price has now returned to around $ 380.
About $ 1.1 billion of future positions on over 70,000 traders have been liquidated in all trades, according to the market data site Bybt. Nearly $ 400 million has been cleared on each OKEx and Huobi; followed by BitMEX ($ 164 million) and Binance ($ 86 million).
The largest single liquidation order worth $ 10 million occurred on BitMEX’s perpetual Bitcoin exchange. Most of the liquidations, around $ 647 million, came from Bitcoin futures, followed by Ethereum with $ 165 million of liquidations.