Massive Crypto Futures Liquidations: Market Cap Plunges Amidst Short Squeeze

The cryptocurrency market experienced a dramatic reminder of its volatility as over $94 million in crypto futures were liquidated within 24 hours. This event highlights the amplified risks associated with leveraged perpetual futures trading and sheds light on the potential for rapid price swings. Market analysis reveals that this surge was largely driven by short positions, showcasing a sudden shift from bearish to bullish sentiment.