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Breaking: $800M in Crypto Wiped Out as Market Crashes

Published by
Chandan Gupta

After an impressive upside rally, the overall cryptocurrency market dropped significantly again, erasing almost all its gains. This sharp decline has not only instilled fear among investors but also led to multi-million dollar liquidations of intraday traders, as reported by the on-chain analytics firm CoinGlass.

Data from CoinGlass revealed that approximately 222,235 traders were liquidated amid ongoing market uncertainty, resulting in a total liquidation of $801.30 million worth of cryptocurrencies. Additionally, CoinGlass data further revealed that the largest single liquidation order occurred on BitMEX.

Source: Coinglass

Out of these substantial liquidations in the past 24 hours, the majority came from long positions, with over $665 million worth of long positions liquidated. This significant long-position liquidation likely resulted from traders’ bullish sentiment yesterday following the Crypto Strategic Reserve announcement.

Besides these liquidations, top assets have significantly plummeted, including Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL). Data from CoinMarketCap revealed that these assets have lost over 9%, 15%, 18%, and 20% of their value in the past 24 hours.

Source: Coinmarketcap

Today, following a 9% price drop, Bitcoin (BTC) is trading near $85,410. This notable decline has led to a 30% surge in trading volume, indicating heightened participation from traders and investors.

Chandan Gupta

Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

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