The crypto market continues to record sharp negative momentum, as the price of Bitcoin stabilizes around $69,376, deepening its weekly losses to about 8.5%, a low not seen since August.

The current crash, which began with the breaking of the $70,000 threshold, is now accompanied by an unprecedented liquidation wave in the derivatives market and a worsening of global macroeconomic conditions.

According to updated data from Coinglass, the volume of leveraged positions forcibly liquidated by exchanges within 24 hours climbed to $1.47 billion, of which about $1.31 billion were long positions (bets on gains that were wiped out following the drop). The automated mechanism by which exchanges sell the collateral of leveraged traders accelerated…