The crypto market suddenly plunges, with over 120k traders nationwide suffering liquidations!

On May 23, the global cryptocurrency market experienced a sharp correction, with various coins collectively plunging in volume, and market risk aversion quickly spreading. As of 15:30 Beijing time on that day, the sell-off in the crypto market continued to intensify.
Data shows that in the past 24 hours, leading cryptocurrencies like Bitcoin continued to weaken, with a nearly 3% decline, directly losing the critical support level of $75k; mainstream blockchain coins like Ethereum and popular MEME tokens such as Dogecoin also experienced deep corrections, with declines exceeding 3%. Small and mid-cap altcoins saw even larger drops, creating a strongly panic-driven market atmosphere.
As prices rapidly declined, high-leverage positions in the market triggered widespread liquidations. According to the latest data from CoinGlass, over the past 24 hours, more than 120k traders worldwide have been liquidated, with total liquidation amounts exceeding $500 million. Long positions suffered significant losses and exited the market, with leverage-driven sell-offs intensifying the downward trend, and short-term market liquidity rapidly tightening.
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