The highly anticipated El Salvador Tuesday saw more than $1 billion worth of bitcoin longs getting liquidated

The legal tender Tuesday did indeed lead the markets to move. On Tuesday, September 7th, more than $1.2 billion worth of longs got liquidated during the crash.
Source: Bybt

Anticipations were high as we approached September 7th, evident by the rising basis and funding rates mentioned in last week’s report.

As we’ve seen so often this year, crypto traders are not shy from adding significant leveraged exposure when they have conviction, leading the market exposed for significant liquidation cascades when the market turns sour.

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