In the past 24 hours, the cryptocurrency market faced a wave of selling, leading to nearly $1 billion worth of various assets being liquidated.
Mass Liquidations in the Crypto Market
According to Coinglass, assets worth nearly $1 billion were liquidated in the past day, attributed to sharp declines in major cryptocurrencies.
Reaction of Major Cryptocurrencies and Stock Market
Bitcoin and other leading cryptocurrencies, including ADA, XRP, and SOL, initially showed sharp gains but quickly lost ground. Concurrently, the Nasdaq 100 also experienced significant declines.
Expert Comments and Forecasts
Legendary trader Peter Brandt noted that the high market volatility provides opportunities for profit and risks of large losses. He highlights the importance of a long-term trading strategy. Tom Lee from Fundstrat believes the market may soon bottom out.
The current situation in the cryptocurrency market underscores the importance of risk management. Despite some optimistic sentiments, further price direction remains uncertain.
