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Overleveraged Traders Flushed Out, 'Bullish Market Structure Intact'
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The crypto market saw heavy selling across the board today in a deleveraging event that followed the signing of a new infrastructure bill that targets crypto users in the US, and signals from Twitter that the company is not looking to buy bitcoin (BTC) at the moment.
At 13:00 UTC, bitcoin was down by 8% over the past 24 hours and down 10% for the past 7 days, currently trading at USD 60,652. At the same time, ethereum (ETH) was down just over 10% for the past 24 hours and 11% for the past 7 days, trading at USD 4,267.
90-day BTC price chart:
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90-day ETH price chart:
Along with the market sell-off came liquidations of leveraged crypto derivatives trading positions. According to data from Coinglass, USD 296m were liquidated across the entire
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