Crypto Bulls Were Hit by $300M in Liquidations Earlier This Week

The chart of the day is presented by crypto dot com. The leading crypto platform trusted by over 80 million users worldwide. All right, let's take a look at the chart of the day. Crypto traders, Tuesday endured $307 million in liquidations of leveraged crypto long positions or bets on higher prices marking the largest leveraged long wipe out in three months as the ETF fueled rally for digital asset prices reversed sharply lower. The large amount of liquidation suggests that the sudden decline in prices caught most investors off guard with more than 88,600 traders getting flushed coin glass data shows. Bitcoin traders suffered the most liquidations at $133 million followed by each traders with some $70 million. Jp Morgan analysts say in a report last week that the recent rally in Cryptocurrency prices was getting overdone as investors became overly optimistic about the spot. Bitcoin ETF approvals impact on price action. All right. That's it for today's chart of the day. I'm Jen Sasi. We will see you next time to unpack more of the data behind top news stories