Cryptocurrency markets have seen a sharp decline, with Bitcoin falling to $92,600, down about 10% in two days, before recovering to $94,300. Cardano (ADA), Render (RNDR), and Aptos (APT) led the losses, falling more than 3%.

The collapse resulted in the liquidation of $1 billion worth of derivatives positions, mostly leveraged longs. Cryptocurrency mining companies TeraWulf, Bit Digital, and Hut 8 were also affected, falling between 5% and 8%, while MicroStrategy and other Bitcoin-related companies lost about 10%.

The decline reflects economic concerns and a crisis in the global bond market.