Crypto Market Wipeout: $250 Billion Lost in Global Risk-Off

A massive liquidation wave swept through the crypto market, wiping out over $250 billion in value within a single day, triggering a global risk-off event. This seismic event saw nearly half a million traders liquidated on major exchanges, resulting in $2.1 billion in forced losses. Analysts are interpreting this as a full-fledged market reset, driven by the unwinding of leveraged positions across various asset classes, mirroring the downtrend seen in traditional financial markets like US equities.