Crypto Market Sees $135 Million in Liquidations in One Hour as Bitcoin and Ethereum Prices Tumble

A sudden and sharp downturn has rocked the cryptocurrency market, leading to $135 million in total liquidations within a single hour. The rapid sell-off has pushed major assets like Bitcoin and Ethereum to critical new lows, shifting market sentiment to "extreme fear."

The cryptocurrency market experienced a significant downturn in the last hour, with total liquidations reaching $135 million. Data reveals that long positions bore the brunt of the volatility, accounting for the vast majority of this figure at a staggering $123 million.

The market-wide sell-off saw Bitcoin's price drop below the key psychological level of $88,000, and at one point, it fell below $86,000, marking a more than 3% decrease in just 24 hours. Ethereum, the second-largest cryptocurrency, also saw a significant price drop, falling below the $3,000 mark.

This market volatility has led to substantial losses for traders. Reports indicate that one major whale is currently facing an unrealized loss of over $40 million due to the price crash. This event highlights the high-risk nature of leveraged trading in the crypto space.

Broader market sentiment has consequently shifted to "extreme fear." Macroeconomic uncertainty is being cited as a primary contributing factor to the downturn, with traders anxiously awaiting the outcome of an upcoming Bank of Japan meeting, which could have further ripple effects on global financial markets.