$840 Million in Liquidations as Major Cryptocurrencies Plunge
Over the past 24 hours, futures linked to major cryptocurrencies experienced more than $840 million in long liquidations due to a significant drop in bitcoin (BTC), which fell below $77,000. Key points include:
- BTC traders incurred losses exceeding $322 million.
- Ether (ETH) bets lost nearly $290 million.
- Altcoins faced around $400 million in liquidations, with xrp (XRP) and Solana's SOL seeing combined losses of about $80 million.
- ETH dropped 15% to $1,500, while SOL and XRP fell up to 15% before slight recovery.
- BNB Chain's bnb performed relatively better, only sliding 6%.
- Approximately 86% of futures positions were bullish, indicating expectations for future price increases.
Market sentiment reflects concern over ongoing economic issues, including potential impacts from U.S. tariffs, which contributed to declines in global equities and risk assets like bitcoin. Hedge fund billionaire Bill Ackman advised against escalating economic tensions.