The cryptocurrency market is experiencing ongoing liquidation, with Bitcoin (BTC) losing ground to trade near $84,000 at the time of writing on Wednesday. The Crypto King’s correction follows a recent rejection due to supply around $87,200.

Altcoins are generally in a correction trend, as Ethereum (ETH) edges lower toward the next key support at $2,600 and Ripple (XRP) extends its down leg near the $1.45 demand area, where buyers will likely consider reengaging.

Crypto liquidations surge

Bitcoin’s sharp sell-off resulted in a $2,000 drop in less than an hour earlier on Friday, triggering $550 million in liquidations across the crypto market. Long position traders lost $480 million, while $69 million in short positions was liquidated,…