Crypto Market's Sharp Price Retrace Leads to $500 Million in Liquidation, Here's the Catalyst

The Crypto market registered a sharp price correction earlier today with the majority of the coins turning red from green within an hour. The majority of the tokens retraced between 7%-15% and currently looking to consolidate. Bitcoin price fell by 6% to record a new weekly low of $58,774, while Ether fell 5%. SHIBA INU  along with AAVE and 1Inch were the only altcoins in top-20 to maintain a double-digit gain amid the red crypto market.