Bitcoin and Ethereum Price Correction Liquidates $370 Million in Long Positions as Market Pulls Back

A sharp downturn across the cryptocurrency market has triggered significant liquidations, erasing approximately $370 million worth of leveraged long positions. The sell-off impacted major digital assets, with Bitcoin (BTC) and Ethereum (ETH) surrendering recent gains and leading the decline. This market movement underscores the volatile nature of crypto trading, where rapid price swings can quickly eliminate bullish bets. Traders are now closely monitoring key support levels for BTC and ETH to gauge whether this is a short-term correction or the start of a deeper bearish trend. The liquidation event serves as a stark reminder of the risks associated with high-leverage trading in digital asset markets.