Market Crash
The crypto market took a hit, wiping out over $800 million in a matter of hours. Bitcoin dropped to $67,500 after reaching all-time highs. Altcoins also took a beating, with over 200,000 traders facing liquidations.
Long Squeeze
The crash was triggered by a “long squeeze,” where traders with bets on rising prices were forced to sell due to falling prices. Over $800 million in long positions were liquidated, with Bitcoin accounting for $660 million.
Altcoin Impact
The crash spread to altcoins like Cardano, Dogecoin, and XRP, causing significant price drops and liquidations. XRP traders alone lost over $10 million.
Market Recovery
Despite the crash, the crypto market showed resilience. Bitcoin and other altcoins rebounded after investors bought the dip at support levels.
Ongoing Challenges
The weekend’s events highlight the ongoing challenges in the crypto market. While institutional adoption is increasing, volatility remains a risk, leading to sudden losses for unprepared investors.
