Was it leverage, China tariffs or both? — TradingView News
A combination of factors converged into a perfect storm on Friday, triggering the cryptocurrency industry’s largest liquidation event in history and briefly sending Bitcoin 
BTCUSD below $110,000.
The $19 billion in liquidations doesn’t mean investors lost that sum of money, but rather that leveraged positions were forcibly closed.
The unrealized loss can be better observed through the drop in market capitalization, which shows a $450-billion wipeout. From Friday to Sunday, the total cryptocurrency market capitalization fell from $4.24 trillion to $3.79 trillion. At the time of writing, the market has already rebounded above $4 trillion.
Pundits are still piecing together how a mix of macro shocks, exchange mispricing and overleveraged…
