Long Trader This Was Forced to Lose Rp640 Billion After the Market Turned Red

The crypto market was shaken again after a massive liquidation occurred this morning, Tuesday (26/08). A long Bitcoin trader (BTC) had to swallow a loss of US$39.24 million, equivalent to nearly Rp640 billion, on the HTX exchange.
Interestingly, this event is recorded as the largest single liquidation order during that period, according to Coinglass, Tuesday (26/08).
In the last 24 hours, 206,537 traders have been reported affected with total liquidations reaching $940.5 million. The majority of losses were in long positions amounting to $830.36 million, while short positions were only around $110.51 million.
From the asset side, Bitcoin at the time this article was written is still holding around US$109 thousand, after dropping 11.8% from its recent peak reached exactly two weeks ago on Thursday (14/08).
Meanwhile, Ethereum (ETH) fell by 7.3% to touch US$4,398 in the last 24 hours. Several altcoins also faced pressure with sharper declines.
Solana (SOL) fell to US$187, Dogecoin (DOGE) weakened to US$0.20, Cardano (ADA) corrected to US$0.83, Chainlink (LINK) dropped to US$23, and Sui was pressured around US$3.35.
This wave of decline is triggered by a combination of profit-taking and changes in interest rate expectations by the Federal Reserve (The Fed), the central bank of the US.
The situation became increasingly chaotic after a whale released 24,000 BTC worth approximately US$2.6 billion, leading to a wave of liquidations in the derivatives market.