$550 Million Wiped From The Cryptocurrency Market In 60 Minutes
The cryptocurrency market is facing a steep correction after registering one of its most significant rallies of 2026. Latest data shows that the cryptocurrency market saw nearly $550 million worth of long liquidations in the last 60 minutes. The development has put a question mark on the the rally that had elevated investor sentiment. Let’s discuss what could happen next.
What Next For The Cryptocurrency Market Amid High Liquidations?
The market saw a massive surge after President Trump’s cryptocurrency event in the White house. Trump invited several CEOs and founders to promote his administration’s pro-crypto agenda. Trump also aimed to push Congress to pass the stalled Clarity Act, while positioning the United States as a global leader in digital asset innovation.
During the event, President Trump stated that the US is considering purchasing a large amount of Bitcoin (BTC) and other cryptocurrencies. The statement led to a surge in investor confidence and prices took off. About $1.2 billion worth of short positions were liquidated within 24 hours following the price rally.
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