Liquidations hit $50 million in an hour as Bitcoin falls 3% to $58.5K

On August 20, Bitcoin fell sharply, falling below the $59,000 mark as selling pressure intensified, leading to significant liquidations in the cryptocurrency market.

The flagship cryptocurrency fell more than 3% in an hour, giving up almost all of its gains from the previous trading day to hit a weekly high of $61,400.

According to CryptoSlate, at the time of publication, Bitcoin was trading at $59,000.

Liquidations

According to Coinglass, the price decline has led to massive liquidations in the cryptocurrency market, with more than $50 million liquidated in an hour.

The liquidation heatmap shows that Bitcoin saw the most liquidations over the last four hours, with $1.84 million liquidated. Ethereum (ETH) and Litecoin (LTC) also saw notable liquidations of $396,130 and $178,470, respectively.

Most of these liquidations were concentrated on the major exchanges, with OKX leading the way with $27.29 million and Binance with $23.61 million. The majority of liquidations over the last four hours were long positions, amounting to $57.09 million, while short positions were liquidated at $5.76 million.

Meanwhile, over the last 24 hours, the total number of liquidations was $135.32 million, affecting 46,264 traders. The largest single liquidation order was recorded on Binance, where a BTCUSDT contract worth $3.17 million was liquidated.

Market volatility and subsequent liquidations highlight the risks associated with leveraged trading in the crypto space. With Bitcoin and other digital assets facing continued selling pressure, traders are likely to remain cautious given the potential for further liquidations if the bearish momentum continues.

Large-cap stock performance varies

Ethereum and Solana have mirrored Bitcoin's moves, losing ground gained the previous day in the last few hours.

At the time of publication, ETH was trading at $2,576, while SOL was trading at $142.3.

Meanwhile, BNB, Dogecoin and XRP managed to hold on to most of the previous day's gains, despite a slight decline amid Bitcoin's decline.

At press time, BNB was trading at $569.4, up 3.81% on the day, while DOGE was at $0.102, up 3.37%. XRP was also up 1.35% over the past 24 hours, trading at $0.59.

Toncoin showed the worst dynamics among the largest cryptocurrencies: over the last 24 hours, TON fell by 2.03% and at the time of publication of the article was trading at $6.64.

TRON, ADA and AVAX have defied the downtrend and gained 7.83%, 2.92% and 6.98% over the past 24 hours, respectively.