Avalanche Plunges 3.64% in One Hour to $10.57 on Binance

Avalanche (AVAX) experienced a significant drop on Binance, plummeting 3.64% in just one hour to $10.57 on its AVAX/USDT spot pair. This decline occurred at 2:46 p.m. ET (18:46 UTC) on Friday, further extending the cryptocurrency's 24-hour slide to 3.75%. To put this into perspective, the price was $10.97 just an hour prior.

The price drop coincided with substantial long liquidations, totaling $800,000 across Binance, Bybit, and OKX. Interestingly, no short liquidations were recorded during this hour. Long liquidations occur when exchanges close leveraged positions after traders can no longer meet margin requirements.

The market figures for this incident were calculated by TokenPost using exchange data collected at the specified time. Unfortunately, the available market data did not provide any insight into the cause behind the price drop.