The crypto market registered a major slump on Friday, resulting in major cryptocurrencies losing key support and falling to new monthly lows after a prolonged bullish surge over the past month.
Bitcoin (BTC), which was looking to break through the $25,000 resistance level last week, fell below $22,000 to register a new two-week low of $21,747. Ether (ETH), the second-largest cryptocurrency, had surged past $2,000 in the run to the Merge but has slumped by 6% over the past 24 hours to register a new weekly low of $1,726.
After weeks of bullish momentum, the flash crash also saw 157,098 traders get liquidated in the past 24 hours, resulting in total liquidations of over $551 million. Data from Coinglass indicates that Bitcoin traders lost over $203 million, followed by Ether traders at $140 million.
The following chart shows that the number of liquidated long positions outnumber the short ones by a significant margin, indicating that market sentiment was highly bullish until the flash...
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