After several consecutive days of aggressive upward momentum, the cryptocurrency market suffered a sharp pullback over the weekend of August 22–23. Bitcoin reversed course after touching highs above $78,000, while Ethereum and a broad swath of altcoins saw even steeper declines. The derivatives market once again witnessed large-scale liquidations, with nearly 180,000 investors globally getting wiped out within 24 hours, with total losses approaching $900 million. Market participants attributed the plunge to the combined pressure of concentrated profit-taking and escalating geopolitical tensions in the Middle East.

According to data from CoinGlass, as of press time, a total of 179,200 traders were liquidated globally over the past 24…