Bitcoin liquidations exceed $500 million after sharp market correction

Crypto markets suffered a sharp sell-off on Tuesday night, with Bitcoin prices falling more than 5%, resulting in a total liquidation of $526 million in 24 hours. Of this, long position liquidations amounted to $453 million and short position liquidations amounted to $73 million. But analysts said that despite the sharp price drops, these are temporary and not a harbinger of a long-term bear market. In the coming months, Bitcoin is expected to benefit from China's stimulus plan, US employment data, the announcement of FTX's payment to creditors, and the end of the US election season. (decrypt)