LIT drops below $4 as Robinhood news triggers $7.2 million in liquidations

LIT fell below the $4 support level to $3.67 following Robinhood's decision to prioritize BitStamp for U.S. perpetual futures. The price drop, which saw a 183% surge in trading volume to $204 million, resulted in $7.2 million in liquidations, with long positions accounting for $6.9 million. While a relief bounce is possible, analysts suggest that reclaiming the $4 level is necessary to signal a recovery.