Bitcoin and Ethereum Dip, Triggering $250 Million in Liquidations

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The losses comes as the broader market in the U.S. witnessed steep losses on Wednesday, with the Nasdaq Composite shedding 3.65%.

Traders betting on a crypto price increase were forced to close their positions quickly late Wednesday as the world's largest cryptocurrency sagged.

Over the past 24 hours, long liquidations in the crypto market have spiked to $220.7 million, making up the majority of positions betting on a direction in prices. An additional $32 million in short positions were also liquidated, according to CoinGlass data.

Most of the liquidations were attributed to Ethereum, accounting for $17.5 million, followed by $14.8 million for Bitcoin.

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