Leverage turns to loss: US$351 million altcoin long liquidation faces risks

The cryptocurrency market liquidated $351 million in 24 hours, mostly long positions, with XRP, DOGE and HYPE at high risk. Although XRP rebounded 8% recently, due to concerns such as Binance's high reserves and low ecosystem activity, long positions could still lose $467 million if the price falls below $2.60. DOGE faces a liquidation risk of US$354 million after its price falls below US$0.20, and the hope of ETFs is offset by the macro volatility brought by the PPI/CPI data. HYPE is close to an all-time high and if it falls to $42, it could trigger a $111 million liquidation despite the bullish plan. The altcoin market value is close to $1 trillion, but leverage optimism is at risk of reversal.