Crypto Liquidations Hit Record $19.16 Billion: A Market Bloodbath

The crypto market experienced a historic event as over $19 billion in leveraged long positions were liquidated within a single day, marking the largest single-day crash in history. This sudden sell-off wiped out a staggering $16.7 billion worth of bets on price increases, and was a stark reversal from pre-existing market optimism. Over 1.66 million traders were impacted, reminiscent of similar flash crashes in 2021 and the COVID-induced crash of March 2020.