Crypto Market Crash – Bitcoin and Ethereum Lead $730M Liquidation Meltdown
Crypto Market Crash – A sharp downturn in the crypto market on Friday resulted in more than $730 million in liquidations, shaking up bullish sentiment and catching thousands of traders off guard. According to CoinGlass, a staggering $585.86 million in long positions were wiped out as Bitcoin (BTC) dropped below $116,000, plunging 2.63% to trade at $115,356.
Bitcoin alone accounted for $140.06 million in liquidations, while Ether (ETH) followed closely behind, falling 1.33% to $3,598 and losing $104.76 million in long positions. Dogecoin (DOGE) took the biggest hit among the top 10 coins, tumbling 7% to $0.22, wiping out $26 million in long trades.
“Leverage Flush” Blamed for Market Dump
Crypto trader Ash Crypto described the event as a “pure leverage flush,” noting that many traders rushed into altcoin longs after ETH’s recent pump. “Market makers dumped and liquidated the late longs,” he explained in a post on X.
In total, 213,729 traders were liquidated during the sell-off, underscoring the volatility of a market that recently seemed poised for another rally.
Bullish Sentiment Remains Despite Pullback
Just days earlier, on July 14, Bitcoin hit a new all-time high of $123,100, fueling optimism across the market. Despite the dip, sentiment remains strong. The Crypto Fear & Greed Index remains firmly in “Greed” territory, posting a score of 70 on Friday.
Meanwhile, Galaxy Digital CEO Michael Novogratz still expects ETH to hit $4,000, while Bitfinex analysts believe Bitcoin could push toward $136,000 if the uptrend resumes.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
