Over $489M in Crypto Longs Liquidated as Bitcoin, Ethereum Extend Losses

Bitcoin and Ethereum faced significant losses, resulting in over $489 million in long liquidations in a recent market downturn. This event follows a previous rally where Bitcoin reached a record high of $126,080. Analysts attribute the pullback to profit-taking, a rebound in gold prices, and a stronger dollar creating a risk-off environment. As a result, total liquidations exceeded $635 million across exchanges in just 24 hours, with Ethereum long positions incurring $142 million worth of losses compared to $114 million in Bitcoin. Despite these corrections, experts believe the drop is healthy and view the future positively, with potential for Bitcoin prices to reach between $132,000 and $135,000 if market conditions improve and ETF inflows continue. Institutional interest remains robust, shifting the market dynamics from retail traders to long-term investors. The outlook for the crypto market appears hopeful, focusing on sustainable growth and stability despite short-term volatility.

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