A significant plunge in the crypto market has sent shockwaves across the industry over the last 24 hours, leaving a trail of liquidations in its wake. Around 200,000 traders were forced out of their positions as Bitcoin plunged to a seven-week low, wiping out more than $900 million in liquidations over a single day.
According to CoinGlass, most of those losses came from long bets that could not weather the slide.
Liquidations Hit Retail Traders
Reports have disclosed that a single large sale helped set off the cascade. Selling pressure intensified as a large holder offloaded 24,000 BTC, triggering a wave of liquidations, said Rachael Lucas, a crypto analyst at BTC Markets.
On Coinbase, Bitcoin briefly fell below $109,000 — its weakest level since July 9. Market participants felt the shock fast; traders who were long were the ones most exposed.
Macro Signals And Market Reaction
A recent hint from Federal Reserve Chair Jerome Powell at Jackson Hole about potential intere
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