Crypto Market Plunges: $384 Million in Liquidations Driven by Leverage and Volatility

A major liquidation event shook the cryptocurrency market between June 6-7, with Bitcoin, Ethereum, Solana, XRP, and Dogecoin collectively experiencing a loss of nearly $384 million. This wave of selling actions was triggered by highly leveraged positions and a surge in market volatility, signaling significant risk associated with trading on borrowed funds. The event marked the largest such liquidation since February, fueled primarily by long positions being liquidated as traders sought to exit their bets in light of heightened volatility.