$648 Million Worth of Longs Liquidated in One Hour as Bitcoin Dips to $55K
![$648 Million Worth of Longs Liquidated in One Hour as Bitcoin Dips to $55K](https://cryptoinvestment.at/wp-content/uploads/2021/04/648-million-worth-of-longs-liquidated-in-one-hour-as-bitcoin-dips-to-55k.jpg)
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Bitcoin and other cryptocurrencies are in the middle of a mid-week plunge
A sudden Bitcoin dip to the $55,000 level has pummeled the whole cryptocurrency market, triggering a string of liquidations across major exchanges.
The largest cryptocurrency dropped to an intraday low of $55,761 at 11:37 a.m. UTC on the Bitstamp exchange and has since consolidated above $56,000.
![Bitcoin](https://u.today/sites/default/files/styles/736/public/inline-images/2986801214_0.png)
As per Bybt data, $677 million worth of crypto has been wiped out over the past hour, with long positions accounting for over 95 percent of all liquidations.
![Bybt](https://u.today/sites/default/files/styles/736/public/inline-images/2986801212.png)
Altcoins wobble
After reaching its three-year high on April 6, XRP is now the biggest laggard in the CoinMarketCap top 10, plunging more than 22 percent from its local peak.
Over $22.6 million worth of XRP longs have been liquidated over the past hour.
Ethereum and Binance Coin are also down more than seven percent.