⚠️ $120M Liquidated in Crypto Market – What’s Behind the Volatility Surge? 📉💥
The crypto market faced a turbulent day as $120 million was liquidated in just one hour, part of a larger $353 million wipeout over the past 24 hours. This sharp downturn coincides with a massive $16.5 billion Bitcoin and Ethereum options expiry, which has fueled significant price swings. Bitcoin dropped below $86,000, while Ethereum saw a 4.7% decline, falling from $2,000 to $1,900 in the same hour. 📊
Several factors are likely contributing to this volatility. The options expiry, one of the largest this year, has traders adjusting positions, often leading to rapid sell-offs. Adding to the uncertainty, recent news of a crypto firm founder pleading guilty to market manipulation through wash trading has shaken investor confidence. This follows a history of such events impacting markets—back in May 2021, a single-day crash saw $8 billion in liquidations, highlighting the risks of leveraged trading in volatile conditions. 📅
Market sentiment also appears bearish, with analysts noting Bitcoin may retest the $84,000–$85,000 range, while Ethereum’s price is well below its maximum pain point of $2,400, leaving many traders in the red. External factors, like macroeconomic policies or trade tensions, could be adding pressure, though no direct link has been confirmed. 🌍
Despite the downturn, some see this as a buying opportunity, with prices at a discount. Are you taking advantage of the dip, or are you staying cautious amid the uncertainty? Share your thoughts! 💬 #CryptoMarket #MarketPullback $BTC