Cryptocurrency market crashes! Over $6 billion in positions liquidated in one hour, Bitcoin briefly drops over 13% in a day

On Friday, the cryptocurrency market experienced a significant decline, with U.S. stocks plunging after hours, exacerbating the losses, and over $6 billion in positions being forcibly liquidated within an hour. The sell-off in cryptocurrencies is the largest since at least early April this year. The world's largest cryptocurrency, Bitcoin, saw an intraday drop of 13.5%, falling below the $110,000 mark, with a low of $105,930, before narrowing its losses. Bitcoin had reached a historic high of over $126,250 on Monday. Industry insiders pointed out that market uncertainty has led to a sharp decline in risk assets, with a surge in demand for downside protection in the derivatives market. According to data from Coinglass, over $7.4 billion in cryptocurrency bets have been liquidated in the past 24 hours, with long positions amounting to about $6.7 billion and short positions around $695 million. Liquidations were mainly concentrated in about four hours on Friday afternoon U.S. time, with approximately $6.6 billion in positions being closed. At the end of trading in New York on Friday, the CME Bitcoin futures BTC main contract fell 5.94% from Thursday's New York close, to below $116,000. Starting at 22:57 Beijing time on Friday, it began to experience continuous downward fluctuations, with a cumulative decline of 7.37% for the week. From Monday to Thursday, it had remained relatively stable around $123,000, but on Friday it broke the stagnant trading state and fell significantly. The CME Ether futures DCR main contract plummeted 11.29% on Friday, reported at $3,879, dipping to $3,850 at one point, with a cumulative decline of 14.80% for the week, showing a continuous downward trend from Tuesday to Friday. Risk Warning and Disclaimer The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk