Crypto traders hoping the market would catch up to the global stock rally were left nursing tears on Wednesday as a sharp price drop triggered the largest liquidation event since early February.
Roughly $1.84 billion in crypto leveraged positions were liquidated across the past 24 hours as bitcoin plunged below $66,000 and ether (ETH) broke under $1,900, the largest single-day wipeout since February 5 and a near-pure flush of long bets, with longs taking $1.66 billion of the total and shorts only $180 million, per CoinGlass data.
A liquidation is when an exchange automatically closes a leveraged trade because the trader’s losses have exceeded the collateral they posted to open it. Long positions bet that the price will rise,…
