A brutal wave of selling has just ripped through the cryptocurrency market, triggering approximately $200 million in forced liquidations over the past 60 minutes. The violent price downturn caught leveraged traders off guard, with data indicating the vast majority of the liquidations were from bullish long positions. This cascade was reportedly initiated by a sharp price rejection in Bitcoin (BTC), which plunged through several key support levels, pulling Ethereum (ETH) and the broader altcoin market down with it. The sudden and aggressive move has wiped out scores of over-leveraged positions, highlighting the inherent volatility of the derivatives market as traders are now assessing the technical damage and potential for further downside.

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