Crypto Liquidations Reach $360M as Bitcoin Price Plummets
The cryptocurrency market experienced a sharp downturn on April 30, with Bitcoin leading the plunge and dropping below $60,000, resulting in significant liquidation for crypto traders. Data from CoinGlass showed that long traders faced losses of $246 million within 24 hours, with nearly $360 million liquidated across the market. The market has slightly recovered, but traders on both the long and short sides saw combined losses of $8 million in the past four hours alone, with analysts attributing the market decline to decreased demand for Bitcoin ETFs and a slowdown in Bitcoin demand among institutional investors.
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