Over $500 million in long positions were liquidated in the crypto market as Bitcoin dropped below $116,000, with $140.06 million in Bitcoin liquidations and $104.76 million in Ether liquidations over 24 hours. A total of $731.93 million in liquidations occurred. Dogecoin led losses, dropping 7% to $0.22, wiping out $26 million in long positions.

The sudden market downturn resulted in the liquidation of 213,729 traders, wiping out $731.93 million in short and long positions. Despite the pullback, sentiment remains bullish, with the Crypto Fear & Greed Index showing a “Greed” score of 70. Bitcoin had reached new all-time highs of $123,100 on July 14, with expectations of the uptrend to continue.

Read more at Cointelegraph: Crypto Market Sees Major Liquidation Event Amid Sudden Downturn