In the past 24 hours, over half a billion dollars have been wiped out in liquidations in the crypto market. Most of these liquidations were long positions, as traders were caught off guard by the sudden dip in prices. Bitcoin futures alone saw $105 million liquidated, with the majority being longs. Smaller-cap cryptocurrencies also took a hit. Traders are now closely watching the stock market, as its response could further impact the crypto market. Meanwhile, veteran trader Peter Brandt criticized the recent market behavior, calling it a "great strategy" to cut winners short and let losers run. The crypto space is now uncertain about whether this is just a temporary shake-up or the start of something bigger.



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