The crypto market experienced a dramatic downturn over the past 24 hours, with nearly $1 billion in liquidations wiping out traders\u2019 positions.\u00a0<\/strong><\/p>\n This sharp plunge followed a turbulent start to the week that had already seen $620.5 million in losses.<\/p>\n According to Coinglass, 334,404 traders were liquidated<\/a> in the past 24 hours, totaling $947.7 million. Long positions were the hardest hit, with $742.2 million liquidated.\u00a0<\/p>\n Meanwhile, short positions accounted for $205.5 million. This indicated that the market moved against those who expected prices to rise, causing them greater financial losses<\/a>.<\/p>\n Bitcoin (BTC) saw the largest liquidation, with $317.9 million wiped out. Of this, $242.1 million was from long positions<\/a> and $75.8 million from shorts<\/a>. Ethereum (ETH) fared similarly, with $248.2 million in liquidations, $196.4 million of which was from long positions.<\/p>\n Adding fuel to the fire, significant movements of cryptocurrency by major players have intensified fears of a broader sell-off<\/a>.\u00a0<\/p>\n According to Arkham Intelligence, Mt. Gox, the defunct exchange still distributing assets to creditors, transferred 11,834 BTC\u2014valued at approximately $931.1 million\u2014to an unknown address. <\/p>\n A few hours after this, Mt. Gox\u2019s cold wallet again transferred 332 BTC worth $26.6 million to another address. These transfers came shortly after its earlier movement of 12,000 BTC worth $1 billion at the time.<\/a><\/p>\n Furthermore, Spot On Chain observed<\/a> that after five months of dormancy, an Ethereum ICO<\/a> whale deposited 7,000 ETH\u00a0 worth $12.9 million to Kraken as the price dropped. The whale still holds 30,070 ETH ($54.4 million) in its wallet.<\/p>\n Additionally, Longling Capital transferred<\/a> 21,000 ETH ($38.8 million) to Binance. In a separate incident, a whale sold<\/a> 25,800 ETH at a $31.7 million loss to prevent further liquidation.<\/p>\n The latest wave of volatility<\/a> was triggered by comments from President Donald Trump, who hinted at an impending recession<\/a>.<\/p>\n \u201cLook, we\u2019re going to have disruption, but we\u2019re ok with that,\u201d Trump told<\/a> Fox News.<\/p>\n<\/blockquote>\n His remarks sent shockwaves through financial markets, with stocks tumbling and cryptocurrencies bearing the brunt of the fallout<\/a>. According to The Kobeissi Letter, a prominent financial newsletter, the decline erased the post-US Reserve announcement rally. The cryptocurrency market dipped $1.3 trillion from its peak on December 17, 2024.<\/p>\n \u201cNot only does this mean crypto\u2019s bear market has begun, but it\u2019s also down 35% in three months,\u201d the post<\/a> read.<\/p>\n<\/blockquote>\n Notably, Bitcoin, the leading digital asset, fell to $76,600 today. This marked its lowest level in four months<\/a>. It had slightly recovered to $79,939 at press time, still down 3.2% over the past day.<\/p>\n According to BeInCrypto data<\/a>, Ethereum experienced an 8.4% decline over the past 24 hours. At press time, it was trading at $1,895. This drop marks the lowest price level for the cryptocurrency since late 2023<\/a>, reflecting a significant downturn in its value.<\/p>\n Disclaimer<\/p>\n In adherence to the Trust Project<\/a> guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our\u00a0Terms and Conditions<\/a>,\u00a0Privacy Policy<\/a>, and\u00a0Disclaimers<\/a>\u00a0have been updated.<\/p>\n<\/div><\/div>\nCrypto Liquidations Reach Nearly $1 Billion<\/h2>\n
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