The Bitcoin price has plummeted in the last hour, triggering a massive liquidation. Here are all the details.

The cryptocurrency market was rocked by a sudden wave of volatility today, with Bitcoin briefly falling below $106,000, triggering massive liquidations.

Bitcoin (BTC) price has recovered to trade at $106,376 after falling below $106,000, according to data. The daily loss has reached 3.74%, while the weekly decline is at 7.5%.

This sharp decline triggered a massive liquidation cycle in futures trading. A total of $1.13 billion worth of positions were liquidated in the last 24 hours. Of this, $1.05 billion came from long positions, while only $79.8 million came from short positions.

The largest share of liquidations belonged to Bitcoin investors:

It was reported that $610.8 million worth of positions were liquidated in the last hour, $595.7 million of which originated from long trades.

Panic selling affected not only Bitcoin but also leading altcoins.