The market value of cryptocurrencies has evaporated by about $300 billion this week, and there is still downward pressure in the short term

ChainCatcher news, according to Jinshi reports, affected by a wave of leveraged bets collapsing, the cryptocurrency market has evaporated about $300 billion in value this week, severely impacting the leading tokens in the field, with market sentiment dropping to its lowest level since early summer this year. According to Coinglass data, the total liquidated long positions across exchanges have exceeded $3 billion. Although the prices of Bitcoin and Ethereum have slightly rebounded, they still face downward pressure in the short term, and market makers indicate that the true scale of current market leverage levels remains opaque.