The cryptocurrency market experienced a catastrophic collapse over the last 48 hours, resulting in massive leveraged liquidations exceeding $2.5 billion across major exchanges. The sudden and severe downturn was triggered by a confluence of macroeconomic concerns, persistent inflation fears, and significant institutional sell-offs, pushing leading digital assets deep into bear territory. Bitcoin (BTC), the largest cryptocurrency by market capitalization, briefly dipped below the critical $60,000 support level, recording losses upwards of 15% from its weekly high. Ethereum (ETH) followed suit, struggling intensely to maintain the $3,000 mark as cascading sell orders dominated the market. Furthermore, Ripple’s XRP saw substantial volatility, mirroring the broader market fear. The unprecedented scale of liquidations primarily impacted traders holding highly leveraged long positions, emphasizing the fragility and interconnectedness of the derivatives market during periods of extreme stress. Analysts are warning that volatility is likely to persist as the market attempts to find a new stable equilibrium amid continued uncertainty.
Source: Crypto Crash: Liquidations Top $2.5 Billion as Bitcoin, Ethereum and XRP Prices Plummet
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