The cryptocurrency market witnessed significant turbulence, with total liquidations nearing the half-billion-dollar mark over the past 24 hours. According to CoinGlass, a crypto liquidations tracker, the total amounted to approximately $858.15 million, affecting 270,018 traders.
The sudden price decline of major cryptocurrencies on Friday afternoon saw Bitcoin, Ethereum, and Solana experiencing sharp drops within a single hour. Bitcoin fell by 2.5% to $66,400, while Ethereum and Solana decreased by 3.3% and 8.5%, respectively. This rapid decline contributed to an overall 5.3% drop in Bitcoin’s price over the last day, with Ethereum and Solana posting losses of 8.11% and 13.25%.
The exact trigger for the market’s swift downturn remains unclear, though some speculate that external geopolitical tensions, such as the escalating conflict between Iran and Israel, might have influenced investor behavior. U.S. President Joe Biden’s recent comments about potential hostilities added to the market’s unease, possibly leading to the rapid sell-offs observed.
During the critical one-hour window from 2:00 p.m. to 3:00 p.m. ET on Friday, the market saw $466.5 million in liquidations, with the majority being long positions totaling $417.7 million, and short liquidations making up $50.6 million.