Bitcoin pulled the market down ( BTC), briefly tumbling to $109,683, a near double-digit drop in 24 hours. Ethereum ( ETH) plunged from an intraday high of $4,386 to $3,574 at 5:21 p.m. EST, while XRP fell to $1.58, its lowest since Nov. 29, 2024.

The carnage, meanwhile, left more than 1.42 million traders liquidated and over $9.45 billion in long and short leveraged bets obliterated. At the time of writing (6:21 p.m. EST), more than $6.87 billion in leveraged positions had been wiped out in just one hour, with liquidated longs accounting for $5.56 billion of the total.

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