It seems the cryptocurrency market was not expecting such a dramatic reaction of institutional investors after the release of the SEC's lawsuit against Coinbase and Binance
has recently seen one of its most devastating corrections of the year, resulting in roughly $350 million worth of longs being liquidated. Over a brief yet tumultuous span of two-three days, the majority of altcoins saw their values plummet by an alarming 30%.
The descent into market turmoil has left investors reeling, trying to make sense of the rapid erosion of their portfolioIn addition to the heavy losses borne by those betting on a bullish market, short sellers too were met with harsh reality. Approximately $50 million in short positions were liquidated, most likely opened at what seemed to be local price bottoms.
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