Why is the crypto market falling?
The cryptocurrency market valuation is down $2.8 trillion as the industry leader, Bitcoin (BTC), dropped to $60,000 earlier on Friday before a whipsaw to $65,000. Market sentiment is extremely bearish as evidenced by massive liquidations, declining Open Interest (OI), and a sell-side skew in the derivatives market.
Another major liquidation wave hits the crypto market
The crypto market lost $2.65 million in the last 24 hours as roughly 585,000 traders were liquidated in derivatives, resulting in a $2.62 billion wipeout of bullish positions. The largest single liquidation occurred on Binance, with an entity losing $12.02 million in the BTC-USDT pair.
Consistent with the liquidations, the…
