Crypto Downturn Wipes Out Nearly $1 Billion in Levered Bets

Nearly $1 billion of leveraged crypto positions were liquidated during another sharp drop in prices on Monday that brought fresh momentum to a wide-ranging selloff that has carried into a third month.

Bitcoin slid as much as 8% to $83,824 in New York, bringing its decline for the year to more than 9%. Ether dropped 10% to as low as $2,719, and is down 18% since last December. The market downturn has been even tougher on smaller, less liquid tokens that traders often gravitate toward because of their higher volatility and typical outperformance during rallies. A MarketVector index tracking the ...