Crypto Market Plunge Triggers Near $1B Liquidations
Nearly $US1 billion in leveraged cryptocurrency positions were liquidated on Monday as prices experienced another sharp drop, extending a broad selloff into its third month. Bitcoin fell as much as 8% to $US83,824 in New York trading, bringing its year-to-date decline to over 9%. Ether also saw a significant drop, plunging 10% to a low of $US2,719, marking an 18% decrease since last December.
The downturn has particularly affected smaller, less liquid tokens, which are often favoured by traders for their volatility and potential for high returns during market rallies. A MarketVector index that tracks the bottom half of the largest 100 digital assets has fallen almost 70% this year, highlighting the severity of the impact on these…
