$2.6 Billion Worth of Longs Liquidated in One Hour as Crypto Market Plummets

$2.6 Billion Worth of Longs Liquidated in One Hour as Crypto Market Plummets

An eye-popping $2.6 billion worth of long positions on major cryptocurrency exchanges got liquidated within just one hour, according to data provided by data aggregator Bybt.

Bitcoin, the largest cryptocurrency by market capitalization, collapsed to an intra-day low of $42,900, shedding roughly $10,000 within hours.El Salvador adopting the largest cryptocurrency as legal tender ended being a major sell-off event. Bitcoin's first day as an official currency in the Central American nation has now been mired by the absolutely brutal sell-off.

Bitcoin's market dominance spiked to 43.62 percent earlier today due to altcoins suffering even steeper losses.

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