The cryptocurrency market is under extreme bearish pressure, with Bitcoin (BTC) price inching closer to $65,000 and total liquidations over the last 24 hours surpassing $1.80 billion. Declining institutional confidence in Bitcoin, with outflows of roughly $4 billion since May 15, appears as the primary catalyst fueling the ongoing correction. 

Crypto market crash wipes out over $1.80 billion

Bitcoin’s 6% drop on Tuesday triggered a massive market-wide wipeout of bullish positions. CoinGlass data show that liquidation over the last 24 hours totals $1.84 billion from 277,754 traders, including $1.66 billion in forced liquidations of long positions, reaffirming the sell-side bias. This marks the third-largest liquidation spree so far this…