- $2.24 billion was wiped off from the crypto market in the past day.
- The liquidation was much higher than those seen during the collapse of FTX and LUNA.
- Bitcoin dropped from $100,000 to a daily low of $91,000 but is now trading at $95,000.
The crypto market experienced a massive number of traders getting liquidated in the past 24 hours as a whopping $2.24 billion was wiped from the digital asset market in the past day, according to data from Coinglass. This marks the biggest single-day event in the history of the crypto market, surpassing the liquidation event during COVID or the collapses of the FTX estate or LUNA token.
Coinglass confirms that a massive $1.87 billion was wiped from the crypto market in the past day in longs alongside $364.18 million in shorts. In the past 12 hours alone, a staggering $1.65 billion was liquidated, including $1.35 billion in longs and $301.13 million in shorts. Also, over 736,452 traders were liquidated in the same time period.
Bitcoin’s History of Highs and Lows
During the fall of FTX and its eventual bankruptcy in November 2022, Bitcoin dropped from a high of $21,000 to a low of $15,500, while during the collapse of LUNA in May the same year, BTC crashed from a high of $40,000 to a low of $26,000, CoinMarketCap data confirms. Since then, the leading cryptocurrency went on to claim an all-time high of $109,000 about two weeks ago.
Related: Bitcoin Liquidations Surge as Volatility Grips Crypto Market
It’s clear that the impact of a crash could be significant, but eventually, Bitcoin tends to emerge from the bearish traps and claim new all-time highs. In the past 24 hours, BTC has dropped 4.29% and trades at $95,398.95 at the time of writing, rapidly rebounding from the daily low of $91,000.
What About Trump’s Promises?
The administration of the first pro-crypto United States President Donald Trump seems to have taken a bearish turn. Trump made several promises for the benefit of the digital asset space and even stood true to some. He appointed a new pro-crypto SEC Chair Paul Atkins as Gensler stepped down on Trump’s first day while the new US president has also announced the creation of a task force for crypto regulations.
Related: Bitcoin Price Stalls, Altcoin Rally Soon: What’s Next For ETH, SOL, UNI and LINK?
But the crash in the price of digital assets is also associated with him. The president announced trade tariffs on China, Mexico, and Canada, which resulted in a massive decline in Nasdaq 100 futures and gold and silver prices as well.
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