Cryptocurrencies Sink as $1.5 Billion in Bullish Bets Wiped Out

Cryptocurrency traders saw more than $1.5 billion in bullish wagers liquidated on Monday, triggering a sharp selloff that hit smaller tokens hardest.

Ether slumped as much as 9% to $4,075 as nearly half a billion dollars of leveraged long positions in the second-largest token were liquidated, according to data from Coinglass. Bitcoin declined almost 3% to $111,998.