Why is the crypto market down today?
The crypto market whipsawed on Wednesday as top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), quickly reversed gains from the early American session.
Within two hours, Bitcoin raced from $86,000 to above $90,000, but it faced a sharp pullback toward $85,000 almost immediately. ETH posted a similar move, rising from $2,900 to $3,100 before falling to $2,800 within a few hours.
The sharp, volatile move triggered heavy liquidations, wiping out over $400 million in leveraged positions from the global crypto futures market, according to Coinglass data. The largest liquidation order is a HYPE/USD position worth about $11.08 million on the decentralized perpetual exchange Hyperliquid.
Crypto liquidations during sharp price…
