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Crypto Market Hit by $645M Liquidations as Bulls Suffer Blow
- The crypto market experienced $645.67 million in liquidations within 24 hours affecting over 130,000 traders, with $340 million wiped out in just 60 minutes.
- Bitcoin long liquidations surged 2,360% over shorts, with $3.42 million liquidated in one hour, highlighting the vulnerability of over-leveraged bets.
- A whale on Binance lost $201 million on a BTC/USDT long position, emphasizing the consequences of high-leverage strategies.
- The broader crypto market saw losses despite recent optimism, with the global market cap dropping by 4.52% to $3.44 trillion.
- Trump endorsed crypto at Coinbase's State of Crypto Summit, while the outgoing FSB chair warned of growing systemic risks in the crypto space.
- Increased whale activity was noted during the downturn, signaling caution among market participants.
- Bitcoin broke $110,000 and recorded strong sentiment levels, but overexposure led to high liquidation rates, especially for long positions.
- Over 111,000 traders were liquidated in total in 24 hours, with 78% of losses affecting long positions.
- In the same period, Ethereum led hourly losses at $7.49 million, emphasizing the risk of over-leveraged trades in volatile markets.
- Overall, the market turn highlighted the challenges of trading with high leverage and the susceptibility to sudden reversals.
- Solana followed Ethereum with $2.36 million in liquidations, while meme coins like DOGE and PEPE faced modest sell-offs.
- The crypto market remains unpredictable, underscoring the importance of caution and risk management in trading strategies.
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