The cryptocurrency market has experienced a significant setback, resulting in a $100 billion loss in market capitalization. Bitcoin has been the main cryptocurrency impacted, with its price showing a critical correction phase. The $100,000 mark has proven to be a strong barrier for Bitcoin, leading to a decline in short-term bullish momentum. The collapse has been attributed to overleveraging, with a high number of liquidations and short positions. Ethereum and other altcoins have also seen large liquidations. The market is in need of a healthy correction to reset overextended positions. Despite short-term volatility, the overall outlook for cryptocurrencies remains favorable.



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