Crypto Crash Alert: $800M+ Worth of Liquidations in 24 Hours, Top Coins Tanking
Massive Crypto Asset Sell-offs Exceed $800 Million as Bitcoin, Dogecoin, and Ethereum Plummet
Sore losses for crypto traders betting on a bull market as liquidations skyrocket, surpassing the $800 million mark in the past day.
Optimistic gamblers riding the crypto rollercoaster have taken a punch to the wallet, with over $827 million in long positions getting liquidated within the past 24 hours. CoinGlass reports this spike in liquidations, most of which were spurred by the downward spiral of asset prices.
The major offender in this crypto bloodbath? Bitcoin, accounting for $222 million in liquidated longs. Ethereum wasn't far behind, with close to $122 million in short-lived positions. Solana, XRP, and Dogecoin rounded out the top five, racking up their own sizeable liquidations.
On Friday, the entire crypto market plunged, spiraling down by 4.3% in just one day. Sad news for Dogecoin enthusiasts; their beloved cryptocurrency led the charge for losses in the top 10 coins. It took a 9% dive and plummeted below the $0.20 price point for the first time since May 8.
Fellow underperformers include Solana, which dropped nearly 5% to hit $160, XRP, sliding 3.3% to $2.20, and Ethereum, which fell 3% to a current price of $2,573.
Bitcoin's daily dip of 1.3% might seem manageable compared to its peers, but it came close to scraping the $104,000 mark earlier today. The king of crypto was briefly outshone by its record-breaking high of $111,814 last week.
What's causing this turbulence? Market volatility, overheated expectations, leverage usage, a shift in sentiment, and external factors might all be contributing to the pain investors are feeling today.
Stock market indices slid earlier Friday, mirroring the crypto bloodbath, following a dismal GDP report and legal wrangling between President Donald Trump and the courts over the validity of global tariffs.
Even in this bear market, analyst Valentin Fournier from BRN suggests further short-term weakness for Bitcoin before prices surge to new highs. He predicts a temporary plunge toward the $100K level before the broader market sails toward $130K-$150K, allowing altcoins to seize the day.
- Bitcoin, with $222 million in liquidated long positions, was the major offender in the past day's crypto bloodbath, where overall liquidations surpassed $800 million.
- Ethereum, accounting for close to $122 million in short-lived positions, wasn't far behind Bitcoin in the spike of liquidations reported by CoinGlass.
- In the topfive altcoins causing sizeable liquidations were Solana, XRP, and Dogecoin, besides Bitcoin and Ethereum.
- The entire crypto market plummeted on Friday, with Dogecoin leading the charge for losses in the top 10 coins, taking a 9% dive and plunging below the $0.20 price point for the first time since May 8.
- Analyst Valentin Fournier from BRN predicts a temporary plunge toward the $100K level for Bitcoin before prices surge to new highs, potentially allowing altcoins to seize the day in the broader market heading towards $130K-$150K.
