$7.6 billion in crypto long positions liquidated in one hour as bitcoin plunges to $52,000

$7.6 billion in crypto long positions have been liquidated over the past hour as bitcoin's price plunged to $52,000, data from bybt.com shows.

Bitcoin's price began to trend downwards early Saturday, but the steep plunge began around 3:00 UTC on Sunday. 

Bitcoin's price dropped by more than 10% over the past hour, from $58,000 to below $52,000, during which around $4.3 billion in bitcoin long positions were liquidated.

As of the time of writing, bitcoin's price has bounced back to around $55,000.

Overall, $9.2 billion in crypto long positions have been liquidated in the last 24 hours.