Crypto Liquidations Surge Past Half Billion Amid Market Pressure

Bitcoin and Ether have continued their decline as crypto liquidations reached $545 million over 24 hours. The majority of losses came from leveraged long positions, with a total value of $447 million lost.

The largest single liquidation was an ETH/USDT position worth $10.04 million on Binance. This event was part of a broader market pressure that followed a rise in the 10-year U.S. Treasury yield to 5.11%, its highest level in 19 years.

As a result, risk assets including cryptocurrencies have been affected, with BTC falling as low as $83,500 before rebounding to $84,314, leaving it down 2.46%. ETH dropped to $2,635 and later traded at $2,682, a 2.79% decline.