Crypto Market Turns Red, Hundreds of Thousands of Traders Losing up to Rp12 Trillion

The crypto market has once again been hit by significant pressure, with total liquidations reaching US$737.1 million, equivalent to Rp12 trillion, in the last 24 hours. According to Coinglass data, a total of 242,810 traders have reported losses as price volatility in various digital assets increases.
Ethereum became the asset with the largest liquidation value, reaching US$153 million, followed by other assets amounting to US$124 million. Meanwhile, the liquidation amounts for XRP and Bitcoin were only around US$88 million and US$66 million, respectively.
This spike in liquidations indicates that the market is entering a sharp correction phase after showing signs of recovery. From the platform side, CEX Ben Zhou recorded the largest amount of liquidations at US$277 million, followed by CZ's CEX and Star Xu.
Meanwhile, Ethereum, which previously tried to break through the US$3,800 level, experienced a sharp decline and weakening trading volume. Bitcoin is still holding far below the US$120,000 level.
is it possible to correct down to US$111,000 even to US$108,000