Cardano long liquidations surge 1,449% after sharp price drop, Binance hack weighs on sentiment

Cardano markets faced significant volatility after a sharp price decline triggered an unexpected liquidation imbalance, with bullish traders caught on the wrong side of selling pressure. Data from CoinGlass indicated that Cardano recorded $217,710 in long liquidations compared to $15,020 for short positions, resulting in an imbalance of 1,449% between the two sides. The broader cryptocurrency landscape has yet to recover from a downturn in sentiment following the large-scale Binance hack on October 29. The incident impacted $6.3 billion in crypto assets.