How Crypto Futures Liquidations Play a Key Role in Bitcoin's Price Slump?

The cryptocurrency market witnessed a significant downturn following the announcement of Binance's CEO resignation

Liquidations totaling over $230 million occurred across the market, with Bitcoin leading the way at $70 million

Bitcoin traders who had bet on a rally to $38,000 faced particularly harsh liquidation consequences

Despite these setbacks, Bitcoin's long/short ratio stands at 1.06, hinting at an optimistic scenario where buyers outpace sellers.