Crypto liquidations hit $1B as traders were ‘unprepared for bad news’
A crypto analyst says we are yet to see the “Santa rally” the market has been hoping for after $1 billion was liquidated in the crypto markets in just 24 hours.
More than $1 billion has been liquidated in the crypto market over the past 24 hours as market participants were caught off guard by the strong momentum for crypto over the past 30 days.
However, the analyst suggests the market downturn may be short-lived.
“We’ve had such a bullish narrative over the last month that the market was completely unprepared for bad news. Now we’re seeing indiscriminate selling,” Swyftx lead analyst Pav Hundal told Cointelegraph.
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Author: Ciaran Lyons
