Cryptocurrency Market Experiences $1 Billion Liquidation: Bitcoin and Ethereum Prices Plummet
The crypto market took a hit as $1 billion was liquidated in the past 24 hours, causing a frenzy among traders. Nearly 300,000 traders were liquidated, with a total value of $935.43 million. The highest single liquidation order was the OKX ETH-USD-SWAP order, valued at $7.19 million, as long bets on rising prices were abruptly closed.
The sudden drop in the crypto market was attributed to escalating geopolitical uncertainties in traditional markets, leading to a decline in appetite for cryptocurrency assets. Bitcoin, which had recently tested the $71,000 mark, fell sharply to below $66,000 before recovering to $66,700. Ethereum also saw a 5% drop, trading at $3,215.
Other cryptocurrencies like Solana and Dogwifhat experienced significant losses, while safe-haven assets like gold and Treasury bonds saw gains. The market’s abrupt change comes after a recent upswing driven by interest in the upcoming Bitcoin halving event.
Despite the recent liquidations, Bitcoin is still up nearly 60% for the year, showing resilience in the face of market fluctuations. Traders are now closely watching for any signs of a market direction as volatility continues to shake the crypto world.
