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Crypto Market Hit by $711M Liquidation Wave as Bitcoin, Ethereum Plunge
- The crypto market experienced a significant downturn with over $711 million in liquidations as leveraged positions were forcefully closed.
- Leading cryptocurrencies recorded notable 24-hour declines: Bitcoin (BTC) fell 2.73%, Ethereum (ETH) dropped 6.35%, Solana (SOL) declined 6.20%, XRP shed 4.89%, and BNB fell 2.18%.
- Ethereum and Solana saw the steepest losses, indicating higher volatility among altcoins and increased speculative activity.
- Over 147,000 traders were liquidated in the past day, totaling $711.48 million in forced position closures, with a heavy skew towards long positions.
- A single $201.31 million BTCUSDT order on Binance marked a severe liquidation event, emphasizing the scale of leverage exposure during fast price reversals.
- In the final hour of the drop, over $334.94 million was wiped out, with the majority coming from long positions, highlighting the abrupt market reversal.
- Despite the correction, Bitcoin remains above the key $106,000 support, with analysts suggesting that the broader uptrend is maintained as long as this level holds.
- Further downside movement could escalate volatility and extend liquidations across the altcoin sector.
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