Crypto Market Plunges as $660M in Positions Wiped Out

A wave of panic hit the crypto market, causing Bitcoin to fall and Ethereum to lose momentum. The market-wide selloff was triggered by a massive liquidation event in derivatives markets, with over $660 million worth of positions wiped out.

The largest driver behind today's decline appears to be the liquidation event across derivatives markets. More than $660 million worth of crypto positions were liquidated over the past 24 hours, with long traders suffering the majority of losses.

BTC fell more than 3% and slipped below the crucial $63,000 level, damaging short-term market sentiment. The loss of critical support of $1700 has further weakened sentiment for ETH, making it one of the biggest contributors to today's market decline.