The price swing liquidated nearly $50 million of leveraged derivatives positions across all cryptocurrencies in one hour, CoinGlass data shows. The brief rally in the cryptocurrency markets following Friday’s U.S. jobs report quickly reversed in volatile action. Bitcoin (BTC) jumped to $57,000 earlier today following the key report, only to the erase its gains and tumble below $55,000. The largest crypto was down nearly 4% over the past 24 hours. The selloff was broad-based, with major altcoins such as ether (ETH), solana (SOL), Ripple’s XRP (XRP) and cardano (ADA) posting 3%-5% losses over the same period. The CoinDesk 20 Index was down 2.7% over the day. The price swing triggered nearly $50 million liquidations in one hour on the crypto derivatives markets as the volatility caught levera
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