Crypto prices plunge as $1.6 billion in leveraged bets wiped out; ETH hits two-year low

Further crypto price drops threatened to extend rolling liquidations on massive onchain leveraged positions.One whale already lost $106 million in ether on DeFi lender sky, while another quickly deposited $14 million to save a $340 million bet.Meanwhile, macro woes worsened as U.S. stock market indices fell into bear market territory.