In a sudden turn of events, the crypto market witnessed a significant downturn on Wednesday, causing a shockwave among investors. The unexpected reversal caught bullish traders off guard as Bitcoin plunged by 5.21% after a nearly 10% surge, according to data from CoinGlass. This sharp decline led to liquidations amounting to $73 million.
The downturn came on the heels of Bitcoin's climb to a local peak at $28,613, halting what was previously an optimistic breakout among altcoins such as Bitcoin SV, Bitcoin Cash, and Aave. These cryptocurrencies experienced substantial losses following Bitcoin's unexpected plunge.
The crypto market's turbulence also impacted the Ethereum futures ETF launch. The less-than-stellar performance of this launch led to ETH liquidations worth $6.77 million. This disappointing outcome adds to the recent set of challenges facing the crypto market.
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