This sudden drop caused a wave of panic among investors, leading to a rapid liquidation of their positions. This liquidation process meant that traders who were using leverage (borrowing to increase the size of trades) found themselves in a situation where they could no longer cover their losses, forcing them to close or liquidate their positions automatically. In just 4 hours, positions worth $93 million were liquidated, a huge amount that reflects the market’s sensitivity to rapid price movements. This decline could be caused by several factors such as heavy selling by market whales (large investors), or the release of negative news that affects investor confidence. Large swings like this are common in the cryptocurrency market, especially with a currency like Bitcoin that is known for its high volatility. Such events often lead investors to re-evaluate their strategies and risk appetite.
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