The cryptocurrency market has experienced a sharp decline, erasing most of its gains from the recent rally. This has led to multi-million dollar liquidations of intraday traders, with approximately 222,235 traders being liquidated, resulting in a total liquidation of $801.30 million worth of cryptocurrencies. The largest single liquidation order occurred on BitMEX. Most of these liquidations came from long positions, totaling over $665 million. Along with these liquidations, top assets like Bitcoin, Ethereum, XRP, and Solana have seen significant decreases in value. Bitcoin is currently trading near $85,410 after a 9% price drop, leading to a 30% surge in trading volume.



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