Bitcoin Swoon Sets Off ‘Cascade of Liquidations’ of Bullish Bets
- Ether was down the most since 2022 at one point on Friday
- Traders piled in long positions amid the latest crypto rally
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Bitcoin briefly dropped by the most in more than a month, helping to trigger a string of liquidations of speculative crypto positions that led to a rout in smaller digital assets such as Solana, Cardano and Polkadot.
Coinglass data show about $780 million worth of bullish crypto wagers were liquidated in the past 24 hours — the largest such drop in a month. The financial world was roiled on Friday by a flare-up in geopolitical risks that spurred a flight to the safest corners of the market such as bonds and the dollar.