It has almost become an inevitability that the cryptocurrency markets will turn red as the US trading hours begin, and the last 60 minutes or so are no exceptions.

Bitcoin has headed south and has led the way for many altcoins to follow suit. Naturally, the liquidations are on the rise on all timeframes.

The chart above paints a clear picture as today’s retracement appears like a copycat of yesterday’s. Recall that BTC dumped to $88,500 24 hours ago, but the bears took it a step further today, pushing the cryptocurrency to a new seven-month low of just over $88,000.

Although that level has managed to hold the price correction for now, it has been repeatedly tested in the past week and might be on the verge of giving in.

The altcoins are in no better shape. ETH has plunged under $2,900 once again, after a 3% decline in the past hour alone. XRP is currently testing the crucial $2.00 level after a 3.3% hourly drop. SOL has slumped even more in the past hour, losing 4.1% of value and now sits inches above $130.

Even more painful declines come from STRK (8.5%), ARB (4.6%), DOT (4.5%), and WLD (4.2%) – all registered in the span of less than 60 minutes.

Naturally, the liquidations within this timeframe have jumped to more than $180 million, according to CoinGlass data. The lion’s share (or $176 million) comes from longs, with ETH actually leading BTC ($25 million vs $22 million).

The total value of wrecked positions for the past 24 hours is up to $750 million, with nearly 220,000 traders wiped out. The single-largest liquidated position took place on Hyperliquid and was worth over $24 million.

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