Crypto Market Sees Massive $972 Million Liquidations in 24 Hours
The crypto market experienced a critically important liquidation event, totaling $972.22 million in just 24 hours. This is the largest such event since february, according to CoinGlass data.The liquidations were triggered by a public disagreement between U.S. President Donald Trump and Elon Musk, impacting Bitcoin, Ethereum, Solana, and dogecoin.
Bitcoin and Ethereum accounted for 64% of the liquidations. Though, Solana and Dogecoin saw the moast liquidations relative to their market caps. This indicates a high level of leverage in these assets.Of the total liquidations, 89% came from long positions, which couldn’t withstand the increased market volatility.
The crypto prices took a hit following the Trump-Musk fallout. Bitcoin fell to $100,437, Ethereum dropped 7% to $2,387, and Solana slid to $142. Dogecoin,musk’s favorite crypto,plummeted over 20%,reaching a daily low of $0.1692.
The liquidation wave was fueled by excessive long positioning and leveraged bets on Solana and Dogecoin. Stop-loss triggers during the price slump exacerbated the situation. Despite the liquidations, Solana has shown resilience, even outperforming Ethereum in some metrics. dogecoin, however, remains closely tied to Musk’s influence and may face increased volatility.
For more details, check the CoinGlass liquidations heat map.
