XRP News Today: Crypto Liquidations Surge 100% to $827 Million as Major Coins Plunge

Crypto liquidations have surged past $800 million in the past 24 hours, primarily affecting long positions. This significant liquidation event was triggered by a decline in the prices of major cryptocurrencies, including Bitcoin, Dogecoin, and Ethereum. The total value of liquidated bets reached approximately $827 million, with long positions accounting for the majority at $747 million. Bitcoin was the most affected, with $222 million in liquidations, followed by Ethereum at nearly $122 million. Other notable cryptocurrencies experiencing significant liquidations include Solana, XRP, and Dogecoin.

The broader crypto market has declined in value by 4.3% over the last day, with all major coins in the red. Dogecoin has been the biggest loser among the top 10 coins by market cap, falling 9% and dropping below $0.20 per coin. This is the lowest price for Dogecoin since May 8. Solana has also seen a notable decline, down by nearly 5% at $160, while XRP has fallen 3.3% to $2.20. Ethereum is off by 3% at a current price of $2,573. Bitcoin's daily dip of 1.3% is less pronounced at a current price of $104,730, though it came close to the $104,000 mark earlier in the day. The leading cryptocurrency has struggled to maintain last week's gains, which saw it surge to a new all-time high of $111,814 just over a week ago.

The recent crypto slide coincides with a broader market downturn that has been ongoing since early February. This downturn has affected various cryptocurrencies, including XRP, which has lost 10% over the past week despite a 45% rebound earlier. The massive movement of 800 million Dogecoin further exacerbated the market downturn, leading to a cascade of liquidations across various cryptocurrencies. The liquidations have been a result of traders and investors being forced to sell their positions to cover losses, leading to a further decline in prices. The market downturn has also led to a decrease in investor confidence, with many investors opting to sell their positions rather than hold onto them in the hope of a price recovery.

The liquidations have had a significant impact on the crypto market, with many traders and investors experiencing losses. The market downturn has also led to a decrease in liquidity, making it more difficult for traders to buy and sell cryptocurrencies. The liquidations have also had an impact on the overall market sentiment, with many investors becoming more cautious about investing in cryptocurrencies. The market downturn has also led to a decrease in the number of new investors entering the market, with many potential investors opting to wait for the market to stabilize before investing. The liquidations have also had an impact on the overall market structure, with many cryptocurrencies experiencing a decrease in market capitalization. The market downturn has also led to a decrease in the number of active traders, with many traders opting to take a break from trading until the market stabilizes. The liquidations have also had an impact on the overall market volatility, with many cryptocurrencies experiencing significant price swings. The market downturn has also led to a decrease in the number of new projects being launched, with many developers opting to wait for the market to stabilize before launching new projects.