The cryptocurrency market experienced significant liquidations over the last 24 hours, totaling over $1.3 billion, causing panic among traders.
Mass Liquidations on Crypto Exchanges
According to Coinglass data, over 367,789 traders saw their positions liquidated, totaling $1.34 billion. The largest single liquidation occurred on Binance with a BTCUSDT transaction valued at $20.8 million. Over the past 8 hours, the market cap shrank by $235 billion, a nearly 9% decline.
Decline of Major Cryptocurrencies
Bitcoin, Ethereum, Ripple, and Solana have all seen sharp declines. Bybit's liquidations were a primary contributor, nearing $500 million in the past 12 hours. Binance came second with $246 million in liquidations, with a majority being long positions.
Possible Causes for Market Downturn
Key causes include major asset sell-offs by exchanges such as Binance and Bybit, combined with President Trump's announcement of continued trade tariffs, exerting pressure on cryptocurrency market sentiment.
The mass liquidations have left the crypto market in a volatile state, raising concerns among traders and analysts about future prospects.
