News View Non-AMP

Crypto Market Correction Sparks $1.76 Billion Sell-Off in Just 24 Hours

Published by
Mustafa Mulla

The cryptocurrency market took a sharp and unexpected dive over the past 24 hours, sending shockwaves through investors and traders alike. A massive $1.76 billion was wiped out as 583,810 traders faced liquidations, marking one of the largest sell-offs since 2021.

This sudden decline came as Bitcoin and altcoins dropped sharply, fueled by a mix of over-leveraged trades, investor fear, and market uncertainty.

Let’s go into further detail.

Bitcoin Leads the Market Decline

Bitcoin, the world’s largest cryptocurrency by market cap, was the primary driver of this sell-off. It dropped to an intraday low of $94,129 before partially recovering to $97,000. This price movement led to $189.19 million in liquidations, with $147.95 million coming from long positions and $41.23 million from short positions.

Bitcoin’s fall below key price levels added pressure to the market, amplifying the sell-off.

Altcoins Struggle as Well

The sharp market decline wasn’t limited to Bitcoin. Major altcoins like Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE) saw price drops ranging from 8% to 13%.

One of the largest individual liquidation orders occurred in Ethereum’s ETH/USDT trading pair on Binance, with the order valued at $19.69 million. Altcoin liquidations totaled $563.25 million, with $537.43 million coming from long positions.

This shows the market was highly over-leveraged, making it more vulnerable to sudden price movements.

What Caused This Sharp Decline?

Analysts believe several factors drove the sell-off:

  • Over-leveraged positions: Many traders had taken on high debt, making them more vulnerable during sudden market changes.
  • Weak market sentiment: Growing fears among investors added to the sell-off pressure.
  • Stop-loss orders: As Bitcoin’s price dropped below important support levels, stop-loss orders triggered a chain reaction of further selling.

These factors combined to wipe out billions of dollars across the market.

Investor Sentiment Review

Despite the significant sell-off, the Crypto Fear and Greed Index remains at 78, signaling “Extreme Greed.” This suggests that even with the volatility and market downturn, investors still hold optimism about a recovery.

Traders are clearly watching for signs of market stabilization as they try to predict if prices will rebound soon.

The future remains uncertain as the market processes these losses. Investors will be monitoring key price levels and market trends closely.

Bitcoin’s behavior will likely set the tone for altcoins and the broader market in the coming days.

FAQs

How much did Bitcoin’s price drop during the sell-off?

Bitcoin plunged to $94,129 before recovering to around $97,000, causing $189.19M in liquidations.

Why did altcoins like Ethereum and Solana drop in value?

Altcoins faced 8–13% losses due to market-wide selling pressure, weak sentiment, and leveraged positions being liquidated.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

Fartcoin Roars Back With 24% Surge: Eyes Locked On $1 As Momentum Builds.

Fartcoin (FART), the AI-backed memecoin cryptocurrency, blasted onto the scene with 24.5% price pop in…

April 4, 2025

Is First Digital Trust in Crisis? Justin Sun Exposes $100M Deficit

Tron founder Justin Sun has publicly accused First Digital Trust (FDT), a Hong Kong-based financial…

April 4, 2025

XRP Price Today: Can It Break Out or Will the Bearish Trend Continue?

The crypto market has been all over the place recently, and XRP is no exception.…

April 4, 2025

Top Altcoins to Watch in April 2025

Crypto markets had a wild week - prices jumped, dipped, and then bounced back, all…

April 4, 2025

Why Is Bitcoin Mirroring the Stock Market Crash? Michael Saylor Explains

Since February, when announced his aggressive tariff plan, the U.S. economy has been on shaky…

April 4, 2025

XRP News: New Twist Emerges In Ripple-SEC Case With Surprise Filing

Ripple’s XRP is back in the spotlight—and not for just one reason. A surprise twist…

April 4, 2025