$BTTC ๐ฅ Crypto Market Turmoil: $100 Billion Wiped Out ๐
The cryptocurrency market has faced a massive setback, with $100 billion erased from its total market capitalization in just a few hours. The total value dropped dramatically from $3.82 trillion to $3.62 trillion, reflecting underlying structural weaknesses tied to overleveraging.
๐ฅ Bitcoin Under Pressure
Bitcoin, the market leader, has entered a critical correction phase. Despite its earlier resilience, it failed to break the psychological $100,000 barrier ๐ง. As whales ๐ began cashing out profits, Bitcoinโs bullish momentum faded. Currently trading below key EMAs, the cryptocurrency faces a higher risk of further declines ๐.
๐ Liquidations Surge
Overleveraging is at the heart of this collapse. In the past 24 hours, $1.58 billion in liquidations occurred, with Bitcoin alone contributing $172 million ๐ธ. Most liquidations were short positions, revealing resistance against aggressive long trades. Ethereum followed closely, with $229 million in losses.
โก Altcoins Hit Hard
The altcoin market isnโt faring any better. XRP, Solana, and Dogecoin are all under pressure ๐. The recent rally, fueled by optimism, has proven fragile. This mass liquidation cycle highlights the need for a healthy market correction to reset overextended positions.
๐ Whatโs Next?
While the short term may bring more volatility, this adjustment is necessary to build a stable foundation for future growth ๐. The long-term outlook for cryptocurrencies remains optimistic, but patience is essential during this phase of market recovery.
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