According to data provided by CoinGlass, more than $1.2 billion worth of crypto has been liquidated over the past 24 hours.
Long positions, unsurprisingly, account for the vast majority of the wipeout ($1.07 billion).
The largest single liquidation order took place on Binance, with one trader losing nearly $16 million.
Binance comes in first place by the total amount of liquidated crypto with $546 million.
Earlier today, the price of Bitcoin plunged to an intraday low of $96,682, according to CoinGecko data The cryptocurrency is down nearly 7% in just 24 hours.
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Major altcoins are taking a more severe beating, with the Ripple-linked XRP token plunging by as much as 10%.
Dogecoin (DOGE) and Cardano (ADA) have also recorded double-digit losses, plunging by 19.4% and 15.7%, respectively.
As reported by U.Today, the cryptocurrency market turned bearish after the US Federal Reserve indicated that it would reduce easing in 2025 after implementing a "hawkish" rate cut.
Now, only two rate cuts are expected near year in a huge blow to risk assets.
The US equities also appeared under severe strain, with the Dow recently logging its longest losing streak in 50 years.
