Nearly $1B Liquidated In an Hour as Bitcoin Plunges Below $82K

Bitcoin experienced a significant downturn, leading to nearly $1 billion in liquidations within just one hour as its value fell below $82,000. This event saw Bitcoin's open interest decrease by 8,500 BTC, equating to about $700 million in leveraged positions unwound. A notable cryptocurrency investor faced a staggering 93% decrease in profits, dropping from $63 million to just $4 million. Analysts point out that this sell-off was primarily driven by leverage rather than the market's spot trading. In the past 24 hours, the crypto market saw total liquidations exceed $1.97 billion, with major cryptocurrencies suffering significant losses, pushing the total market cap below $3 trillion. The bearish market sentiment is compounded by global fiscal uncertainties and heightened macroeconomic concerns, leading the market into a precarious situation as traders anticipate further declines over potential monetary policy changes.

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