Bitcoin and other cryptocurrencies plunge by over 5% as the euphoria on the market goes away
and volume, the crypto community almost immediately entered short-term euphoria, but a cold shower was closer than the market expected as the price of the first cryptocurrency dropped to $39,250.Since most of the market entered strong euphoria, the number of long orders increased gradually, which created conditions in which the slight appearance of selling pressure caused a liquidation cascade.
According to CoinGlass, the long orders liquidation volume reached $100 million, and most exchanges reported that approximately 90% of liquidated positions were long Bitcoin orders. In the last four hours, $60 million in orders were liquidated.A sudden increase in selling pressure was most likely tied to the fading of euphoric tendencies after the short-term bounce on the market. The situation has not changed on the market, and risk-off tendencies still prevail.
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