IRYS Tumbles More Than 70% in 24 Hours as Leverage-Fueled Volatility Surges
IRYS is showing extreme volatility, tumbling more than 70% in a day after surging the previous day.According to cryptocurrency-focused outlet Odaily on October 25, IRYS traded at 0.031 USDT, down more than 70% over the past 24 hours. The token had climbed as high as 0.32 USDT a day earlier.The sharp drop has been attributed to a large short squeeze during the earlier rally and excessive leverage. About $68.51 million of positions were liquidated during the advance, including roughly $59.13 million in short positions.Forced liquidations of a large number of short positions initially sent the price sharply higher. But once the rally lost momentum, long liquidations followed and deepened the decline.Open interest also climbed to about $860 million to $1.2 billion at one point, while futures trading volume surged about 1,035% in a day to more than $7.2 billion. With leverage heavily built up, the reversal in price direction appears to have sharply amplified volatility.