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XRP, ADA, SHIB, DOGE in Red as Crypto Liquidations Top $556 Million
The crypto market is in a state of turmoil as liquidations have reached a staggering $556 million. This has led to a decline in the value of various cryptocurrencies, including XRP, ADA, SHIB, and DOGE.
The news of Bybit’s massive hack earlier this week sent shockwaves throughout the cryptocurrency community, causing widespread panic and resulting in a significant increase in liquidations. In fact, data from Coindesk shows that the amount of liquidated positions has topped $556 million, with many traders rushing to sell their assets in an attempt to cut their losses.
As a result, we are seeing a sharp decline in the value of several cryptocurrencies, including XRP, ADA, SHIB, and DOGE. While some may be quick to dismiss this as a temporary setback, it’s important to remember that the crypto market is known for its volatility and can change quickly.
It remains to be seen how these current events will affect the overall direction of the cryptocurrency market in the coming days and weeks.
Source: u.today
