In the last 24 hours, crypto markets experienced over 480 million USD in liquidations with a simultaneous drop in BTC and ETH prices. This occurred amid pressure from higher US Treasury yields and robust labor market data, affecting more than 157,000 traders.

The volatility led to significant declines in stocks related to crypto, such as MicroStrategy and Marathon Digital. Overall, the crypto market’s market cap shrank by 7%, showcasing the extent of the sell-off.

Traders faced uncertainty as open interest in BTC and ETH fell by over 1 billion USD. Despite bearish trends, some analysts remain optimistic about BTC, suggesting a potential bullish outlook as part of a four-year cycle.