This move looks like a typical short squeeze; not setting a stop-loss is like handing your account over to the market.

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CryptoFrontier
$773M Crypto Liquidations Hit Shorts on April 18
On April 18, 2026, crypto markets saw $773 million in liquidations, primarily affecting short traders (77% of losses) due to a sudden price rise. This incident highlighted the risks of leverage in trading, leading to forced position closures.
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