India, June 26 -- Crypto markets saw a huge shock as about $450 million in leveraged long positions were wiped out in just 60 minutes, showing how fast trading can turn risky when prices move sharply.

Bitcoin fell to around $58,000 after the sell-off, hitting one of its weakest levels since late 2024 and shaking trader confidence. The $58,000 level is now a key "battle zone," where buyers are trying to support the price while sellers are trying to push it lower. A large part of the drop was not due to any weakness in Bitcoin's technology or adoption, but due to forced selling from leveraged trades.

Leveraged long positions mean traders borrow money to bet that Bitcoin will go up, which increases both profit and risk. When Bitcoin falls ...