🚨Crypto Facing $1.2 Billion Liquidation Bloodbath as XRP, DOGE, and ADA Record Stunning Losses🚨
Over the past 24 hours, more than $1.2 billion worth of cryptocurrency has been liquidated, according to CoinGlass data. The vast majority of this liquidation, about $1.07 billion, was due to long positions being wiped out.
The largest individual liquidation occurred on Binance, where a trader lost almost $16 million. Binance topped the list of platforms with the highest total liquidations, amounting to $546 million.
Earlier today, Bitcoin's price dropped to a low of $96,682, as per CoinGecko, marking a nearly 7% decline within the past 24 hours.
Altcoins have been hit even harder, with $XRP token plummeting by up to 10%. Other major cryptocurrencies, including $DOGE and $ADA , have also seen significant losses, with declines of 19.4% and 15.7%, respectively.
The recent downturn in the crypto market follows a shift in sentiment after the US Federal Reserve suggested it would scale back its easing measures in 2025, following a "hawkish" rate cut stance. This has led to a reduced outlook for risk assets, with only two rate cuts expected in 2025.
US stocks have also come under pressure, with the Dow Jones recently experiencing its longest losing streak in 50 years.
Matt Hougan, Chief Investment Officer at Bitwise, commented that higher interest rates negatively impact risk assets and that the Fed’s announcement contributed to a sharp market pullback. He also highlighted the role of leverage in amplifying the recent market correction, stating, "Leverage is a fact of life in crypto, and when sharp market pullbacks occur, leveraged positions are often liquidated."
