The cryptocurrency market has been hit by a massive earthquake, wiping out nearly US$1 billion of leveraged positions in the last 24 hours, as of Wednesday, February 26, 2025.
According to the latest data, this staggering figure of approximately US$887.46 million is the most severe oversold in recent times.
The reason for this carnage is the ongoing downturn in the mencoin sector, exacerbated by macroeconomic concerns and changing investor risk sentiment. The fact that $255 million of this amount was liquidated in one hour on Wednesday added fuel to the fire. Most of the liquidation funds ($814.76 million) came from long positions, with traders betting on a price rally before the sudden drop took them by surprise.
On Wednesday afternoon, US$255 million worth of positions evaporated in just one hour, causing a stampede as prices fell faster than most people could react.
#Bitcoin , the market's main benchmark, fell below $89,000, down 17% from its all-time high of $108,000 earlier this year.
This dramatic drop caused a domino effect across the altcoin and mencoin ecosystems, with overcapitalized companies.
the global
#cryptocurrency market capitalization has shrunk by billions of dollars and now stands at around $2.94 trillion after falling 3.60% in the last 24 hours.
Bitcoin has fallen to $82.2 at the time of writing. At the time of writing, bitcoin has fallen to
$BTC Underlying this turmoil is the collapse of the memecoin market, once a favorite speculation target for private investors.
the
#Solana #blockchain , which is heavily linked to memecoin activity, has lost about $50 billion in market value over the past month. LINE_ The aftermath of high-profile failures, such as the Libra memecoin linked to Argentine President Javier Millay, have shaken confidence.
the rise of Libra and subsequent crash wiped out billions of dollars, underscoring the fragility of assets driven by hype.
Similarly, Official Trump (TRUMP), a token backed by U. S.
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