Over the weekend, Bitcoin's $BTC
price briefly surged above $106,500 before retreating, influenced by a short squeeze and subsequent profit-taking. This rapid movement led to over $600 million in crypto derivatives positions being liquidated, impacting major cryptocurrencies like Ether $ETH , Solana$SOL , and Dogecoin
The broader crypto market also faced downward pressure, with the total market capitalization decreasing by 3.3% over the last 24 hours, now standing at $3.36 trillion. This decline is attributed to macroeconomic uncertainties, including a U.S. credit rating downgrade and inflation concerns .
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