Leveraged traders in bullish #bitcoin and cryptocurrency positions suffered liquidations of more than $1 billion this week.

This liquidation volume has not been seen since the beginning of July, when BTC touched $56,000.

Despite these volumes of bitcoin liquidations, ETH traders have been the hardest hit in the last 24 hours. Its liquidations narrowly exceed those of BTC in that period.

The cause behind this drop is that giants in the hardware manufacturing industry are having multimillion-dollar losses, dragging mining equipment manufacturing companies with them.