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Whales Panic as Crypto Liquidations Near $1 Billion Amid Market Freefall

The crypto market has seen a significant downturn over the past 24 hours, resulting in nearly $1 billion in liquidations and wiping out traders' positions. Long positions were hit the hardest, with $742.2 million liquidated, while short positions accounted for $205.5 million. Bitcoin and Ethereum experienced the largest liquidations, with $317.9 million and $248.2 million wiped out, respectively. Major players moving large amounts of cryptocurrency have raised concerns about a broader sell-off, with Mt. Gox transferring significant amounts of BTC and Ethereum ICO whales making large deposits or sales. President Donald Trump's comments about an impending recession also triggered the latest wave of volatility. Overall, the cryptocurrency market has dipped $1.3 trillion since its peak in December 2024. Bitcoin fell to its lowest level in four months at $76,600 but slightly recovered to $79,939. Ethereum saw an 8.4% decline and was trading at $1,895, reflecting a significant downturn in value.

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