Market Volatility Wipes Out $600M in Crypto Long Positions

Global market volatility has intensified again, leading to significant losses in cryptocurrency markets. The KOSPI Composite Index in South Korea plummeted by 9.99% on Tuesday, with Samsung Electronics and SK Hynix falling more than 12%. This sharp decline triggered a chain reaction, putting pressure on risk assets worldwide.

The sell-off in tech stocks also weighed heavily on U.S. stock performance, causing the S&P 500 to lose approximately $1.4 trillion in market value. The Federal Reserve kept interest rates at their current range of 3.50% to 3.75%, but markets are closely watching forward guidance and potential rate hikes.

Beyond traditional markets, cryptocurrency assets were also severely affected. Bitcoin briefly dropped to around $62,400 on Tuesday, with over $600 million in long positions liquidated across the entire market within 24 hours. SOL fell by 7% in a single day.