Bitcoin Price Drop Sparks Liquidation Across Crypto Market

Cryptocurrency investor sentiment has been volatile as of late, with some notable figures weighing in on recent market fluctuations. Peter Schiff, a well-known critic of Bitcoin, took to social media to express his views on the digital asset's recent price drop.

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The sudden decline caught many traders off guard, resulting in massive liquidation across the broader crypto market. According to reports, over 118,000 traders were affected by the drop, with a total of $189.85 million lost in value within a 24-hour period.

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Long liquidations made up a significant portion of this total, accounting for $132.80 million of the losses. The largest single casualty was a massive liquidation order executed on Bybit, resulting in a loss of $4 million.