Bitcoin (BTC) Record $650M in Liquidations: Pullback Coming? 💰
Bitcoin has experienced a significant rally, pushing its price to new highs and triggering considerable activity in the crypto market. This surge has led to a sharp increase in liquidations, as $650 million has been reportedly wiped out, according to Coinglass.
In just 24 hours, the rate of crypto liquidations has spiked by 70%, impacting major cryptocurrencies such as Bitcoin and Ethereum. Both are now considered to be in overbought territories, generating discussions about a potential market correction.
The rapid increase in price and subsequent liquidations reveal the volatile nature of the cryptocurrency market and have prompted experts to speculate on whether a pullback might occur soon.
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