The crypto market faced a sharp correction on Friday as Bitcoin fell below the 116K mark, triggering a cascade of liquidations and stunning investors who had been riding the recent bullish wave.
More than 213 thousand traders were liquidated in just 24 hours, as long positions crumbled under pressure. According to data from CoinGlass, over 731 million dollars in combined positions were wiped out, with Bitcoin and Ether making up the bulk of the damage.
Bitcoin dipped 2.63 percent to 115356 dollars, accounting for approximately 140 million in long losses. Ether followed closely, sliding to 3598 dollars and liquidating another 104 million. Meanwhile, Dogecoin posted the steepest drop among major altcoins, falling 7 percent and erasing 26 million from long bets.
Despite this dramatic shakeout, market sentiment remains cautiously optimistic. The Crypto Fear and Greed Index held firm at a Greed level of 70, signaling continued confidence in the broader bull cycle.
Just a week ago, Bitcoin soared to an all time high of 123100 dollars, setting expectations of a prolonged rally. But Friday’s reversal reminds investors of crypto’s trademark volatility and the risks of overleveraged trading positions.
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