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Bitcoin experienced a sudden drop below $118,000, wiping out leveraged positions as liquidations surged toward $1 billion. Altcoins like ETH and SOL followed with sharp declines, exacerbating losses for traders.
- Bitcoin crashed below $118K after briefly hitting a new ATH of $124,500 earlier in the day.
- Altcoins like ETH and SOL dropped 2-3% in an hour, amplifying losses for traders.
- Liquidations surged to $930M in 24 hours, with $460M occurring in just a few hours.
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