Crypto Liquidations Near $690 Million As Bitcoin, Ethereum Crash 💥
The cryptocurrency market has taken a significant hit in the last 24 hours, with major assets like Bitcoin and Ethereum experiencing sharp declines. Bitcoin's price has dropped under $95,000, reversing gains it made just days ago. Ethereum has fared worse, plummeting to $3,350 and erasing its recent bullish momentum.
This market turmoil has led to substantial contracts being liquidated in the derivatives market. CoinGlass reports a staggering $689 million in liquidations over the past day, with a vast majority being long positions, signifying traders were overly optimistic about a rise in crypto prices.
Interestingly, Ethereum has seen more liquidations than Bitcoin, hinting at a recent spike in speculative interest around ETH. As investors grapple with this downturn, the market's recovery remains uncertain.
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