Bitcoin fell from roughly $81,000 to just under $65,000 on Saturday, extending a crypto market correction that had lasted for more than a week. According to analyst Ted Pillows, the decline was mainly caused by leveraged-position liquidations rather than large-scale selling by major investors. About $200 million in positions were liquidated in one hour when Bitcoin dropped below $66,000, before total liquidations exceeded $500 million on Saturday alone. Nearly 94% of these liquidations involved longs, indicating forced selling. Analyst Crypto Rover also pointed to the disappearance of nearly $9 billion in stablecoin market capitalization, a 4.86% decline signaling a rapid withdrawal of liquidity from the market.
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