Crypto markets have been shaken by significant liquidations, with $526 million wiped from the space in just one day, impacting over 154,000 traders. This sharp downturn primarily affected long positions, which accounted for $372 million, while short positions contributed $154 million to the total.
The largest liquidation order was notably on Hyperliquid's HYPE-USD pair, valued at a striking $11 million. This recent wave of liquidations underscores the growing volatility that major cryptocurrency assets, particularly Bitcoin, are experiencing. Bitcoin briefly surged to $90,000, only to retract to approximately $85,000 shortly thereafter.
In the backdrop of these movements, investors remain apprehensive due to rising concerns about US unemployment figures and anticipated interest rate hikes from the Bank of Japan. This environment creates significant challenges for the continuation of positive market momentum.