Crypto Market Plunges 10% as $1B Liquidated, Bitcoin, Ethereum Hardest Hit

The crypto market experienced a dramatic downturn over the past 24 hours, with nearly $1 billion in liquidations wiping out traders’ positions. This sharp plunge followed a turbulent start to the week that had already seen $620.5 million in losses. According to Coinglass, 334,404 traders were liquidated in the past 24 hours, totaling $947.7 million. Long positions were the hardest hit, with $742.2 million liquidated. Meanwhile, short positions accounted for $205.5 million. This indicated that the market moved against those who expected prices to rise, causing them greater financial losses.

Bitcoin (BTC) saw the largest liquidation, with $317.9 million wiped out. Of this, $242.1 million was from long positions and $75.8 million from shorts. Ethereum (ETH) fared similarly, with $248.2 million in liquidations, $196.4 million of which was from long positions. Adding fuel to the fire, significant movements of cryptocurrency by major players have intensified fears of a broader sell-off. According to Arkham Intelligence, Mt. Gox, the defunct exchange still distributing assets to creditors, transferred 11,834 BTC—valued at approximately $931.1 million—to an unknown address. A few hours after this, Mt. Gox’s cold wallet again transferred 332 BTC worth $26.6 million to another address. These transfers came shortly after its earlier movement of 12,000 BTC worth $1 billion at the time.

Furthermore, Spot On Chain observed that after five months of dormancy, an Ethereum ICO whale deposited 7,000 ETH worth $12.9 million to Kraken as the price dropped. The whale still holds 30,070 ETH ($54.4 million) in its wallet. Additionally, Longling Capital transferred 21,000 ETH ($38.8 million) to Binance. In a separate incident, a whale sold 25,800 ETH at a $31.7 million loss to prevent further liquidation. The latest wave of volatility was triggered by comments from President Donald Trump, who hinted at an impending recession