Bitcoins price actions took a turn for the worse over the past hour or so as the asset plunged to its lowest position since September 10 in a sudden flash crash.

The liquidations, which stood at roughly $600 million earlier today, spiked by another billion as a result.

BREAKING: Over $1 billion worth of Bitcoin longs have been liquidated in 20 minutes after a sudden drop in price.

As we frequently see during the Sunday night session, low liquidity has led to a large washout.

The dip is frequently bought into the US market open. pic.twitter.com/u3wfMG9xSu

CryptoPotato reported just an hour ago that most of the altcoins have produced painful losses of somewhere between 4% and 8%. ETH and XRP led the pack from the larger caps, while others, like CRO and HYPE, had dumped by 7%-8%.

At the time, BTC was coping rather well. It was still in the red on a daily scale, but it was down by just 1% and remained above $114,500. However, the tides have turned, and the largest cryptocurrency plunged to $112,000 in a vicious flash crash minutes ago.

This meant that bitcoin had lost more than $5,500 since its Sunday price of around $115,600. Naturally, most altcoins followed suit in a similar manner, including ETH, which plunged to under $4,050 before recovering slightly to $4,200 as of press time.

The liquidations have skyrocketed as a result of this massive volatility. They went from $630 million at the time of our previous article to $1.7 billion on a daily scale as of press time. ETH still leads with over $470 million of the total share.

A mindblowing number of more than 400,000 traders have been wrecked daily, while the single largest liquidated position was worth almost $13 million.

Liquidation Heat Map. Source: CoinGlass