Crypto Market Sees Massive Liquidations Worth $581 Million, Impacting 134,021 Traders

A significant shake-up has occurred in the crypto market, with over $581 million worth of positions being liquidated across various exchanges. These liquidations impacted a staggering 134,021 traders, primarily those holding long positions in Bitcoin and Ethereum. Notably, approximately $446 million was wiped out from these long positions alone, leading to significant drops in the prices of major cryptocurrencies like BTC and ETH. This massive deleveraging has sent shockwaves through the market, highlighting both the risks associated with leveraged trading and the potential for a rebound.