$200 million in crypto longs wiped out in 1 hour

In a sudden show of volatility, the crypto market saw nearly $200 million in long positions wiped out in just one hour on Monday, December 15.

The sudden sell-offs pushed total long liquidations beyond $366 million on the day, highlighting the fragility of leveraged trades amid heightened uncertainty, as evidenced by real-time liquidation data Finbold assessed on Coinglass. 

Notably, the largest single liquidation order happened on the Binance cryptocurrency exchange platform, valued at $5.26 million, while Bybit reported the biggest number of liquidations overall ($62.94 million).​

Accounting for the short positions as well, a total of 144,715 traders were liquidated, with the overall liquidations coming in at just shy of $450 million.

Bitcoin longs suffer the biggest losses, Ethereum close behind

Bitcoin (BTC) longs were the most severely affected, as nearly $70 million was rekt in an hour as just as the cryptocurrency was down 2.6% on the 24-hour chart. BTC price fell below $87,000, the lowest levels since December 1, was the primary catalyst.

The pullback in Bitcoin naturally affected the rest of the market. Ethereum (ETH), which is down 2.4%, was a close second, with nearly $64 million liquidated. Solana (SOL), 2.2% in the red, followed with a $12.10 million loss, while Dogecoin (DOGE) and XRP each plunged 3.7% and posted liquidations of $5.7 million and $5.4 million, respectively.

The losses came amid a $50 billion plunge in market value, which took the overall crypto market cap from $3.05 trillion down to $3 trillion between 3 p.m. (UTC) and 4 p.m. (UTC) on the same day, according to CoinMarketCap. 

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