Why did the crypto market crash triggering a 140% surge in liquidations?
The crypto market crash continued on Friday as profit-taking accelerated and concerns about trade and the Federal Reserve deepened.
Bitcoin (BTC) price dropped to $105,500, down from the all-time high of $111,900 last week. The other top laggards were altcoins like PancakeSwap (CAKE), Raydium (RAY), Ethena (ENA), and Arbitrum (ARB), which dropped by over 10%.
The crypto market crash triggered a wave of liquidations. CoinGlass data shows that 24-hour liquidations jumped by 125% to $709 million. Almost 224,000 traders were liquidated, with the largest loss amounting to nearly $13 million.
Cryptocurrencies retreated as Bitcoin lost momentum following its strong rally that pushed it to its all-time high last week. It…
