Crypto Market Sees Sharp Decline Due to Leverage Flush

The cryptocurrency market saw a downturn yesterday, with a total market value of $2.25 trillion, down 1.33% in 24 hours.

BTC is currently trading at $65,816, down 2.05%, while ETH fell to $1,781, a 3.34% decrease from the previous day's price. XRP also dropped by 4.47% to $1.21.

The sharp decline can be attributed to a 'leverage flush,' where traders with excessive leverage positions are being cleared out of the market.

A breakdown of the asset liquidations shows that ETH had the highest number, at $124.4 million, followed by BTC's $93.3 million in liquidations.