The crypto market saw a sharp sell-off, with Bitcoin falling 2.5%, Ethereum 5%, Solana 11.5% and XRP 37%. Around $500 million in long positions were liquidated within an hour, pushing total 24-hour liquidations toward $1.82 billion. Most of the liquidations involved leveraged long positions on major exchanges, including Binance. The drop highlights how high leverage and thin market liquidity can amplify sudden price moves. Traders remain divided over the cause, with some pointing to market manipulation while others see it as a broader deleveraging event.
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