Ethereum Falls Under $3,000, Liquidations Exceed $220M In 4 Hours

Crypto markets witnessed another sharp selloff during Asian hours on Friday with Bitcoin BTC/USD falling under $40,000 and Ethereum ETH/USD trading below $3,000.

What Happened: Total liquidations on the Ethereum network amounted to $223 million over a four-hour time frame on Jan. 21 (UTC + 8), according to data from Coinglass.

On the morning of January 21st (UTC+8), Ethereum fell below $3,000, and the entire network’s liquidation amounted to $223 million in 4 hours. Liquidation was concentrated on Binance OKEx FTX and Bybit.

— Wu Blockchain (@WuBlockchain) January 21, 2022

See Also: Is Bitcoin At the Mercy Of The Stock Market After Falling Below The $40K Level? Here's What Experts Are Saying

Friday morning’s four-hour liquidation event was significantly larger than any liquidations observed over the last month.

Over 90% of traders that were liquidated during the four-hour time frame were in long positions, meaning they were betting on higher prices for the duration of their trades.

A total of $353.49 million worth of longs were liquidated while $15.42 million worth of short positions were liquidated.

Crypto exchanges Binance, FTX and OKX saw the largest liquidations among major crypto exchanges. Total liquidations over a 24 hour period exceeded $715 million and a total of 185,428 traders were liquidated.

Price Action: On Friday, ETH hit a four-month low of $2,786.31, down by over 11% in the last 24 hours.

At press time, Bitcoin was trading at $38,800, down 7% in the last 24 hours. Dogecoin DOGE/USD was down 7% and was trading at $0.15 and most altcoins recorded double-digit percentage losses.

Overall, the crypto market cap recorded a 10% decrease in the last day and fell to $1.8 trillion.