The cryptocurrency market saw one of its biggest selloffs today, wiping out $1.54 billion in leveraged positions as Bitcoin, Ethereum, Solana, and XRP prices tumbled. Meanwhile, the crash erased nearly $64 billion from the global market as its market cap fell to $2.71 trillion, triggered primarily by a major security breach and hack on Binance
According to CoinGlass, 237,314 traders were liquidated over the past 24 hours, wiping out a total of $1.54 billion in positions. Traders betting on higher prices suffered the biggest losses, with $1.29 billion in forced closures, accounting for 83.8% of total liquidations.
Meanwhile, short traders also faced heavy liquidations, losing $252.83 million, or around 16.5% of total liquidations. Binance recorded $754.6 million in liquidations, accounting for 49.2% of the market-wide total.
The selloff followed Binance’s reported security breach, which the exchange estimated affected around $6.3 billion in assets.
Meanwhile, Binance pledged to cover the losses and temporarily suspended deposits and withdrawals while conducting security checks.
Bitcoin recorded the highest liquidations, with $498.92 million in positions closed. Long positions accounted for 81.2% of those losses as the price fell below key psychological levels.
Ethereum followed with $359.41 million in liquidations, 84.6% of which came from long positions. Together, Bitcoin and Ether accounted for more than half of all forced closures.
Meanwhile, Solana traders lost another $82.75 million, while XRP liquidations reached $38.46 million.
Other major losses included Hyperliquid at $31.71 million, Zcash at $25.21 million, and BNB at $23.42 million.
The price decline added to the pressure. Bitcoin dropped to $76,460 before recovering toward $78,500. Ether briefly fell below $2,200 and later traded near $2,240. Solana touched $98, while XRP dropped to $1.26.
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