MarketPR
$ETH dropped 4 percent in 24 hours to $1,628 as a wave of forced selling pushed total crypto liquidations past $1.1 billion.
Nearly every major token fell alongside Ethereum, with $BTC among the coins caught in the drawdown, and volatility gauges spiked across the board.
The Liquidation Cascade Behind the Move The headline price loss is secondary to what drove it: $1.1 billion in liquidations is a mechanism, not a metaphor.
When leveraged longs get wiped, exchanges automatically sell the underlying collateral, which pushes prices lower, which triggers the next tier of liquidations.
Keep reading