Why is the crypto market down today?

The cryptocurrency market faced a sharp downturn in early trading hours today, with Bitcoin (BTC) retreating toward the $101,000 level and dragging the broader digital asset sector into the red. At the heart of the sell-off lies a combination of political controversy, macroeconomic uncertainty, and a wave of liquidations across leveraged positions.

According to data from CoinGlass, over $308 million in crypto long positions were liquidated within the past 24 hours, marking one of the steepest liquidation events since April. 

Bitcoin accounted for approximately $91 million of that figure, followed by Ethereum (ETH) with about $78 million in liquidations.

Why is the crypto market down today?Why is the crypto market down today?

Source: CoinGlass

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