Why More Than 900 Million USD of Cryptocurrency Was Liquidated When Bitcoin and Altcoins Prices Fell Sharply
Horrifying: The cryptocurrency market has seen a sudden price drop, leading to over $900 million in cryptocurrency liquidation in the past 24 hours.
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The cryptocurrency market suffered an unexpected shock today as the price of Bitcoin and prominent altcoins dropped spontaneously leading to mass liquidations.
Currently, it is still unclear what caused this widespread price drop, there are many good reasons, including the recent price drop on the US stock market.
Nearly 500 million USD was liquidated in just one hour
According to data from CoinMarketCap, Bitcoin fell 4.6% on the day, to a low of $65,898. BTC's decline has reverberated throughout the market, with prominent altcoins such as Ethereum and Solana also recording daily losses of 8.12% and 12.16% respectively.
With this loss, 277,843 traders lost leveraged positions as total cryptocurrency liquidations reached $936.07 million in the past 24 hours based on data from Coinglass.
Of these numbers, long positions accounted for $823.4 million, while short traders lost only $112.66 million.
#Bitcoin(BTC) #Etherum #memecoin
