Nearly $1 billion in crypto liquidations as bitcoin briefly dips below $59,000

Bitcoin fell to $59,175 before recovering to $61,500, triggering nearly $1 billion in liquidations across crypto futures. A strong Micron earnings report helped steady markets, but traders warn that $1.6 billion in leveraged positions sit below $58,000.

• Bitcoin dropped to $59,175, its lowest since early June, before bouncing back above $60,000
• Nearly $1 billion in futures positions were liquidated, including $430 million in bitcoin long positions
• Micron's blowout earnings and SK Hynix's $29 billion U.S. listing plans helped stabilize markets
• Traders flag $1.6 billion in leveraged longs clustered below $58,000 as the next risk zone
• Thursday's PCE inflation data is the next potential market-moving event

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