Liquidations

The crypto market saw nearly €500 million in positions liquidated in hours, with Bitcoin and Ethereum leading the losses as over 180,000 traders were hit in a leverage-fueled downturn.

A sudden, sharp correction in the late afternoon sent shockwaves through the crypto market, with Bitcoin dropping over 2% in an hour. The downturn, triggered by a $200 million liquidation wave, has pushed the Crypto Fear & Greed Index to ’extreme fear’ levels.

A new report highlights a surge in leverage trading, leading to more violent market swings. The ‘Early Black Friday’ event saw over $640 million in hourly liquidations, while Bitcoin’s dominance and spot volumes continue to grow, signaling a maturing market.

Bitcoin plunged 7% overnight, wiping out last week’s gains, as news from Japan triggered massive liquidations. The market now awaits a key speech by Fed Chair Jerome Powell.

Analyst James Check warns that Bitcoin’s price could fall to $70,000 as a wave of liquidations creates a snowball effect, amplifying the current downtrend.