Crypto Bloodbath: $1.34B Liquidations in 24 Hours

The crypto market is experiencing a significant sell-off, with a total of $1.34 billion in liquidations over the past 24 hours. Bitcoin (BTC), Ethereum (ETH), and XRP are leading this sell-off, with almost all top 100 altcoins also experiencing massive price drawdowns. More than 363,000 traders have been impacted by these liquidations, signaling a potential reset in the market.

According to CoinGlass data, Bitcoin led the sell-off with a liquidation valued at $526.31 million. Long traders suffered the most, with $502.5 million in losses, while short traders saw a loss of $23.81 million. This is the largest crypto liquidation event of the year so far. Ethereum also saw a massive liquidation of $292.42 million, with long traders accounting for $270.13 million and short traders losing $22.29 million. XRP liquidation in 24 hours was worth $56.77 million, the highest recorded thus far, with long traders seeing $52.38 million in liquidations and short traders experiencing a $4.39 million drawdown.

The trend on the market, as seen with Solana (SOL), Dogecoin (DOGE), and Litecoin (LTC), among others, remains bearish. However, futures traders are betting on a price jump in the near future. The negative outlook on the market is not entirely clear, as regional trade concerns in North America are weighing down the stock market, and crypto is correlated with mainstream stock markets. Economic uncertainty may continue to impact Bitcoin's price.

Despite the bearish outlook, Bitcoin still maintains a positive sentiment and adoption rate among institutional investors. Michael Saylor's Strategy invested $2 billion into Bitcoin, as announced on Feb. 24. This investment has inspired other Wall Street firms to commit to a BTC treasury strategy in hopes of price recovery.