Crypto market plunge triggers $1 billion in liquidations
The prolonged decline in the cryptocurrency market since the beginning of the week has led to massive liquidations of over $1 billion in just 24 hours.
On Thursday, Bitcoin fell 4%, trading below $109,000, while Ethereum lost about 8%, dropping below $4,000 to $3,850 at the time of writing.
Among the top ten coins, Solana and Dogecoin suffered the steepest daily losses — over 8%. Taking into account their weekly drops of more than 20%, SOL and DOGE can be considered the biggest underperformers among major cryptocurrencies.
Unexpected troubles
Apparently, most traders were not prepared for such a prolonged and deep downturn, resulting in liquidations exceeding $1 billion.
According to Coinglass, the total losses of traders over 24 hours reached $1.12 billion, of which $1.04 billion were long positions. Bitcoin liquidations dominated with $428 million, followed by Ethereum at $274 million.
Cryptocurrency market liquidations in the last 24 hours. Source: Coinglass
In total, 251,462 traders were liquidated, the largest being an ETH-USD position worth $29.12 million on Hyperliquid.
The crypto market downturn coincided with stock market declines: the S&P 500, Nasdaq, and Dow Jones Industrial Average fell by 0.4%–0.6%.
Since the beginning of the week, institutional interest in Bitcoin and Ethereum has weakened, triggering outflows from crypto ETFs. The price drop also affected crypto treasury stocks, many of which also declined. Analysts warn that if the market continues downward, further liquidations are likely.
As we wrote, Bitcoin price prediction: CZ sees BTC reaching $500K to $1M this cycle
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