$450 million worth of crypto trades wiped out in 60 minutes

Crypto markets were jolted after about $450 million in leveraged Bitcoin long positions were liquidated within an hour, according to The Kobeissi Letter. Bitcoin fell to around $58,000, its lowest level since late 2024. Leveraged long positions involve borrowing money to bet on rising prices. When prices fell sharply instead, exchanges automatically close positions to recover borrowed funds.