The cryptocurrency market saw a sharp decline with $539 million in liquidations over the past 24 hours due to the implementation of an order by former US President Donald Trump.
Overview of Liquidations
In the past 12 hours, total liquidations on the crypto market amounted to around $390 million. Traders betting on price increases lost more than $305 million, while those who bet on declines lost about $85 million.
Biggest Losses: Leading Liquidations
Bitcoin was hit hardest with $206 million in liquidations over 12 hours. Ethereum also suffered losses with liquidations totaling nearly $48 million. XRP and Solana followed with $16 million and $14 million respectively.
Reaction to Trump's Order
Following Trump's executive order to create a strategic Bitcoin reserve, the market is on alert, waiting to see if this signals further downturn or opportunities for investors.
The overall market drop of 4.5% shows ongoing uncertainty affecting traders, with many watching for investment opportunities.
