Part 5/9:
This figure surpasses previous crises by a staggering margin, marking it as the largest liquidation event in crypto history. The sheer scale indicates how fragile the market had become when leverage was at its peak.
Market Impact: Bitcoin and Altcoins
The direct impact was visible on the charts:
Bitcoin
Bitcoin experienced a sharp decline of about 10%, dropping from recent highs to around $109,000 on the charts. Although this was a significant move, it remained above a critical support level of $100,000. As long as Bitcoin stays above this threshold, many analysts believe that the overall cycle may still be intact, and a recovery is possible.