Cryptocurrency liquidations exceed $500 million in 24 hours

The recent turmoil in the cryptocurrency market appears to be exceeding expectations. The fact that we are witnessing massive asset sales is raising concerns about the end of the bullish trend.

According to the latest data, more than $500 million in positions have been closed recently. For cryptocurrency queen Bitcoin, that number represents $107.14 million.

Based on these numbers, an obvious conclusion seems to be drawn. That said, a major reckoning is underway. The total amount liquidated easily exceeded $5 billion.

This seems to be directly linked to the dynamics of the flagship cryptocurrency. Bitcoin has fallen below short-term moving averages seen as support. This indicates that the cryptocurrency’s bullish momentum is waning.

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