$529 Million Wiped Out in Crypto Futures Market After Bitcoin Price Drop

A massive $529 million in liquidations hit the crypto perpetual futures market over a one-hour period as Bitcoin's price declined.

The sudden drop caused long positions to be liquidated at a rate of $478 million, while short positions accounted for around $50.2 million of the total liquidations.

Ether saw the largest number of liquidations, with $108 million in losses, followed closely by Bitcoin's $50.9 million and XRP's $48 million.