Liquidations of both Bitcoin and Ethereum futures contracts today represent the reason why Bitcoin fell under $40,000 and Ethereum below $3,000.
Colin Wu, a Chinese crypto journalist has revealed that Coinglass confirmed that a total of $110 million in BTC and ETH trades have been liquidated across crypto exchanges.
In total, $57.25 million have been liquidated in Bitcoin and $38,03 million in Ethereum. Bitcoin fell to $39,821 today, while Ethereum was changing hands below $3,000. They are currently both trying to recover.