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Crypto Market Suffers $600M+ Wipeout as BTC and ETH Longs Face Massive Liquidations

Crypto Market Suffers $600M+ Wipeout as BTC and ETH Longs Face Massive Liquidations

The cryptocurrency market recently experienced a significant downturn, with Bitcoin (BTC) slipping below the $115,000 threshold and Ethereum (ETH) dropping under $4,500. This sharp correction effectively erased weeks of optimistic market momentum, transforming cautious bullish sentiment into widespread panic selling. The rapid shift has ushered the market into a new, unpredictable phase, where investor confidence is being rigorously tested amidst heightened short-term volatility. A primary catalyst for this sudden market reversal, as highlighted by prominent analyst Maartunn, was an exceptionally overleveraged derivatives market. Over a mere 24-hour period, the crypto space witnessed a staggering $597 million in BTC and ETH long liquidations. This event stands out as one of the most substantial waves of forced selling observed in recent months, serving as a stark reminder to traders about the inherent risks associated with excessive leverage in a market renowned for its abrupt turns. Th…

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