Liquidations Wipe Out $2.7 billion in OI, IMX Breakout Strengthens its Technical Picture

Market Update On Sunday evening, the perps market experienced a low liquidity liquidation cascade, eliminating about $2.7 billion in open interest (source: CoinGlass) across all coins. We interpret this as a healthy purge of some overleveraged traders, and any immediate market weakness should be viewed as an opportunity to buy on dips. $BTC found support at last week's low and has since recovered about half of last night's dip. Today, our focus will be on which assets rebound the strongest from

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