According to data from Coinglass, the crypto market saw a total liquidation of $123 million in the last 4 hours, with long orders accounting for 95% of liquidations.
In the last four hours, BTC plunged 5% and ETH dropped 6%, with the current price trading near $38,947 and $2917, respectively.
Other cryptocurrencies too dived lower in response.
Bitcoin and Ethereum prices have plunged to their 1-month lowest levels as a result of short selling and profit booking in the last 7 days.