Crypto liquidations tally over $1b, why is crypto crashing?

The crypto market is in a state of widespread panic as total crypto liquidations reached over $1.30 billion in the span of 24 hours. Traders on X are accusing exchanges of ‘capping’ long liquidations and manipulating the market. According to…
  • bitcoinBitcoin (BTC) $ 85,204.00
  • dogecoinDogecoin (DOGE) $ 0.204345
  • litecoinLitecoin (LTC) $ 126.53
  • shiba-inuShiba Inu (SHIB) $ 0.000014
  • pepePepe (PEPE) $ 0.000008
  • bellscoinBellscoin (BELLS) $ 0.186545