The cryptocurrency markets frequently see downturns, especially noticeable during US trading hours, and the last hour has been no exception. Bitcoin has taken a downward turn, guiding several altcoins lower, resulting in a surge in liquidations across various timeframes.

BTCUSD. Source: TradingView

The chart above reveals today’s retracement closely resembles yesterday’s pattern. Notably, Bitcoin dropped to $88,500 yesterday, and today it hit a new seven-month low of just above $88,000. Although this price level has produced some stability, it has been tested multiple times over the past week and may soon fail.

Other altcoins are faring poorly as well. Ethereum has fallen below $2,900 again, registering a 3% decrease in just the past hour. XRP is testing the critical $2.00 mark after a 3.3% drop in the same timeframe, while SOL has even dipped further, experiencing a 4.1% loss now barely above $130.

Additionally, other cryptocurrencies like STRK (-8.5%), ARB (-4.6%), DOT (-4.5%), and WLD (-4.2%) have all experienced significant declines within less than an hour.

As per CoinGlass, liquidations have surged to exceed $180 million during this short window, with a majority ($176 million) stemming from long positions. Surprisingly, Ethereum led the liquidations against Bitcoin with $25 million compared to $22 million.

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In summary, the total worth of liquidated positions over the past day has reached $750 million, with nearly 220,000 traders affected. The largest individual liquidation occurred on Hyperliquid, valued at over $24 million.