The cryptocurrency market experienced a sharp decline, triggering more than $1 billion in liquidations over 24 hours, including $980 million in the past twelve hours. Bitcoin fell more than 3%, briefly reaching $73,500 before rebounding to around $74,500. Ether dropped more than 7%, falling below $2,000 before recovering to $2,125, and accounted for $451 million in liquidations. Long positions were hit hardest, making up approximately 92% of Ether liquidations and more than 90% of Bitcoin liquidations. The market decline may be linked to comments by US Secretary of State Marco Rubio about Iran and stronger-than-expected employment data, which have increased expectations of an interest rate hike in December.
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