Here’s Why Crypto Market Lost $1.6 Billion in Hours By U.Today
U.Today – The broader digital currency ecosystem was stunned on Dec. 9 when the market shed almost $2 billion in combined crypto liquidations. To help the market understand what happened, crypto analyst Ash Crypto on X detailed the events that triggered the biggest sell-off since 2021.
Crypto liquidations started on Coinbase (NASDAQ:)
According to the analysts, the market sell-off started on Coinbase as traders began selling about an hour before the major dump-off. He noted that the selling pressure triggered the “liquidation like a domino.”
With the market hitting a key liquidation zone, he said it was game over as stop-losses were triggered in a chain reaction. The overheated market saw funding fees surge, with Open Interest (OI) also…
