🐻 Why Bitcoin Fell Sharply
Today, a massive sell-off suddenly occurred in the Asian session, causing the cryptocurrency market capitalization to fall another 1% to $1.65 trillion.
BTC fell by 2% in a few hours, and leading altcoins ETH, SOL, BNB, XRP by 2-4%. The market was faced with high financing rates. Coinglass reported that “funding rates are going crazy. Expect huge volatility, the market needs to cool down to continue moving higher.”
🤯 This forced traders to move away from Long positions, which led to liquidations. In just one hour, long positions worth $40 million were liquidated. Over the past 24 hours, 70,611 traders were liquidated, and the total amount of liquidations was $170 million.
