Crypto Market Suffers $1 Billion Liquidation Amidst Bitcoin Price Drop

A dramatic $1 billion liquidation event has shaken the cryptocurrency market in a 24-hour span, according to Coinglass data. This significant decline in value was primarily driven by leveraged long positions, particularly impacting Ethereum (ETH), which saw approximately $766 million liquidated within a single day. The price of Bitcoin plummeted from over $124,000 to around $117,000, sparking interest among market participants.