India, Oct. 7 -- Bitcoin and other cryptocurrencies fell sharply on Wednesday as heavy selling hit the crypto market. The fall was driven by forced selling of crypto positions and wider worries in financial markets.

Bitcoin, the biggest cryptocurrency, fell as much as 2.4% to $83,583. Ether dropped 3.9% to $2,594, while XRP and Solana also declined 4.2% and 3.3%, respectively, according to Bloomberg. About $550 million worth of crypto positions were liquidated in the past 24 hours. Coinglass data showed that the liquidation wave added to the pressure on Bitcoin and other digital assets.

The selling increased as traders were forced to close leveraged bets. Many traders had placed bets that crypto prices would rise, but falling prices tri...