The liquidation heatmap provides a glaring snapshot of the market's turmoil, with Bitcoin and Ethereum bearing the brunt of the liquidations. In particular,witnessed a massive $27.75 million liquidation event, indicative of widespread overleveraging by bullish investors, who were caught off-guard by the sudden downturn. The cascading effect of these liquidations likely compounded the sell-off, as automatic sell orders were triggered en masse.illustrates the scale of the price correction.
The reasons behind this sharp correction are multifaceted: from traders taking profits after a period of significant gains, thereby inducing a market correction, to an overheated market correcting itself after periods of excessive euphoria. Furthermore, the excessive leverage used by some traders in the futures market likely amplified the price movements, resulting in a domino effect of liquidations.
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