The cryptocurrency market saw a steep decline over the past 24 hours, with losses totaling around $539 million due to liquidations. Approximately 156,000 traders were impacted as market turbulence grew after former US President Donald Trump announced an executive order.
Within 12 hours, crypto liquidations reached nearly $390 million. Traders betting on price increases (long positions) lost over $305 million, while those betting on declines (short positions) saw losses of about $85 million.
The biggest single liquidation happened on Bitfinex, where one trade worth $15.4 million was completely wiped out.
Bitcoin traders took the hardest hit among cryptocurrencies, seeing a whopping $206 million in liquidations over just 12 hours. People betting on the price going up—those with long positions—lost over $151 million, while those betting on a drop, the short positions, were down more than $54 million. Bitcoin’s price slid about 5% in the past 24 hours and is now sitting around $87,627.
Ethereum wasn’t spared either, with liquidations racking up to nearly $48 million. Long traders got hammered with losses of about $36 million, and short traders weren’t far behind, dropping over $11 million. Ethereum’s price took a bigger tumble, falling more than 6%, and it’s now trading at roughly $2,156.
XRP saw its share of pain too, with liquidations hitting nearly $16 million. Long positions took the biggest beating here, and the price dipped almost 2%, landing at $2.48.
Solana had about $14 million in liquidations, with long positions losing over $12 million of that. Its price dropped nearly 6% and is now hovering around $141.
Cardano faced losses of nearly $12 million, where long traders saw $9.7 million vanish, and short traders lost close to $2 million. The price plunged over 10%, leaving it at about $0.86.
The whole crypto market got racked by this sudden crash, with the total market cap now at $2.88 trillion. That’s a steep 4.5% price drop in just one day.
Following Trump’s executive order, uncertainty looms over the market. Traders are now keeping a close eye on whether this signals a larger downturn or a chance to buy at reduced prices.
Also Read: White House Calls Bitcoin “Digital Gold” in Trump’s Executive Order
