Crypto Market Suffers Worst Liquidation Event Since November 2021

The crypto market experienced one of its most brutal liquidation events in history on August 20, with $3.5 billion in leveraged positions liquidated in just 24 hours.

At the height of the move, more than $1 billion in short positions were liquidated in a single hour, ultimately reaching $3 billion, while only $264 million in long positions were liquidated during this period.

The market's gain was largely driven by Bitcoin (BTC), which rose 8% to reclaim $71,300, a level not seen since early June. Ethereum (ETH) also saw significant gains, rising nearly 20%, with approximately $1.16 billion in liquidations.