Bitcoin dropped up to 2.4% to $83,583 and Ether fell 3.9% to $2,594 as heavy selling hit the cryptocurrency market on Wednesday.
Coinglass data revealed that approximately $550 million worth of crypto positions were liquidated over 24 hours, driven predominantly by the forced closure of leveraged long bets.
The downturn was compounded by rising geopolitical tensions in the Strait of Hormuz, surging oil prices above $101 a barrel, and climbing US Treasury yields.