Over $1.04 billion was liquidated in 24 hours, with long traders losing more than $869.88 million.
The cryptocurrency market has been thrown into chaos as over $1.04 billion was liquidated within 24 hours following Bitcoin’s BTC $84 502 24h volatility: 0.6% Market cap: $1.68 T Vol. 24h: $9.20 B dramatic price drop below $100,000. The market downturn began shortly after Federal Reserve Chairman Jerome Powell’s remarks on Wednesday, declaring that US bank regulators are prohibited by law from holding Bitcoin.
This announcement, coupled with the Fed’s final rate cut for the year, sparked widespread panic among investors. Bitcoin, which had soared to a historic all-time high of $108,000 two days ago, plunged today to $96,000, wiping out billions from the market and forcing liquidations of leveraged positions.
Massive Liquidations Hit Long Traders Hard
CoinGlass data revealed that the market carnage affected over 304,679 traders, with long positions bearing the brunt of the damage. Long traders lost a staggering $869.88 million, while short traders saw relatively modest liquidations of $164 million.
The largest single liquidation occurred on Binance, where a trader lost nearly $16 million.
Centralized exchanges were the primary sites of these liquidations. According to CoinGlass, Binance led the charge, accounting more than $450 million in liquidated positions. Other major exchanges, including OKX, Bybit, and HTX (formerly Huobi Global), also contributed significantly to the ongoing bloodbath. These exchanges saw about $210 million, $215 million, and $86 million erased from their platforms respectively.
Crypto Market Cap Plummets Amid Widespread Losses
With more than $1.04 billion liquidated, the total crypto market cap has dropped by more than 5%. Data from CoinMarketCap shows that the industry is currently valued around $3.34 trillion.
Major altcoins such as Ethereum ETH $1 589 24h volatility: 0.1% Market cap: $191.75 B Vol. 24h: $5.12 B , Cardano ADA $0.63 24h volatility: 2.2% Market cap: $22.67 B Vol. 24h: $371.69 M , Avalanche AVAX $19.13 24h volatility: 0.3% Market cap: $7.96 B Vol. 24h: $125.66 M , Shiba Inu SHIB $0.000012 24h volatility: 4.2% Market cap: $7.22 B Vol. 24h: $110.22 M , and Dogecoin DOGE $0.16 24h volatility: 1.8% Market cap: $23.48 B Vol. 24h: $444.51 M have also taken a heavy hit, plunging by 7%, 9%, 11%, 10%, and 12% respectively.
Even the world’s leading stablecoins, Tether USDT $1.00 24h volatility: 0.0% Market cap: $144.77 B Vol. 24h: $16.57 B and Circle USD USDC $1.00 24h volatility: 0.0% Market cap: $60.90 B Vol. 24h: $2.59 B , have shown slight deviations from their 1:1 peg to the US dollar, further alarming market participants.
With Bitcoin struggling to maintain its footing at $96,000 and altcoins facing double-digit losses, questions are emerging about whether the bull market is coming to an abrupt end.
For now, investors remain on edge, hoping for stability in what has been a turbulent and costly day for the crypto market.
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