Cryptocurrency traders saw more than $1.5 billion in bullish wagers liquidated on Monday, triggering a sharp selloff that sent Ether and other tokens plunging.
Ether fell as much as 9% to $4,075 as nearly half a billion dollars of leveraged long positions in the second-largest token were liquidated according to data from Coinglass. Bitcoin declined 3% to $111,998 at one point. Coins like Solana, Algorand and Avalanche also dropped.