The crypto market faced widespread liquidations over the past 24 hours, with $997.56 million in positions wiped out as Bitcoin plunged back below $87,000. The sharp reversal follows Sunday’s rally fueled by President Trump’s announcement of a U.S. crypto reserve, but much of those gains have since evaporated.
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Key Liquidation Stats (24 Hours)
- Total liquidations: $997.56M
- Long liquidations: $864.42M
- Short liquidations: $133.14M
- Largest single liquidation: $13.40M on Bitfinex
- Top liquidated assets:
- Bitcoin (BTC): $308.46M
- Ethereum (ETH): $166.04M
- Solana (SOL): $57.18M
- XRP: $52.17M
- Cardano (ADA): $31.71M
What Triggered the Sell-Off?
- Bitcoin’s rapid drop below $87K: After hitting highs of $94K on Sunday, BTC reversed sharply, taking the broader market down with it.
- Stock market weakness: U.S. equities turned lower ahead of expected tariffs on Mexico, Canada, and China, fueling risk-off sentiment in global markets, Coindesk reported.
- Liquidation cascade: The high leverage in crypto markets exacerbated the sell-off, triggering forced liquidations across major exchanges.
- Reversal of Trump’s crypto pump: Coins initially boosted by Trump’s crypto reserve announcement, including SOL, XRP, and ADA, saw heavy selling, though they remain slightly above pre-announcement levels. (Read more: Trump Confirms U.S. Crypto Reserve Will Include XRP, Solana, Cardano, Bitcoin, and Ethereum)
This article is published on BitPinas: Quick Take: Nearly $1 Billion Liquidated as Crypto Market Sees Major Reversal
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