Market volatility leads to $864.24 million in crypto liquidations.
With the dramatic change in fortunes, the crypto market saw a massive drop, with an estimated liquidation of $864.24 million at the end.
$864.24 million in Crypto Liquidations
Bitcoin led the correction, falling 7% to a weekly low of $65,214. This decline marks the lowest estimate since April 5.
Ripple effects reverberate across the board. Smaller cryptocurrencies such as Solana and Dogecoin saw declines of 18% and 19% respectively.
The decline mainly stems from liquidations of bullish bets on crypto.
In the past 24 hours alone, data from Coinglass indicates that approximately $775.40 million has been cleared from long positions in the primary markets. Short positions were also not spared as around $89.89 million was written off.
This sudden market shift is in stark contrast to the recent upsurge, fueled in part by Bitcoin's halving event — a key amendment to the cryptocurrency's code to reduce its supply.
Despite the current crypto liquidations, Bitcoin remains very high for the year, up roughly 60%.
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