Over the past 24 hours, the cryptocurrency market has seen a significant wave of liquidations, totaling over $588 million. XRP took the lead, with over $69 million in liquidations, followed by Bitcoin, which recorded $60 million, and Ethereum with $57.94 million. XRP price surged to a seven-year high of $2.82 before correcting sharply to $2.56, causing many traders to lose positions. Bitcoin and Dogecoin also saw substantial price drops, leading to further liquidations.
XRP volatility has been a key factor in market fluctuations. In a single day, more than $90 million in XRP-related positions were liquidated. The liquidations were almost evenly split between long and short positions, with more than $44 million in long positions and about $46 million in short positions wiped out. The dramatic price movements of XRP were not limited to a few traders, as significant liquidations ranging from $2.4 million to $2.6 million were also seen on platforms like OKX.
Bitcoin’s fall below $96,000 caused around $81 million in liquidations, and Ethereum also suffered losses of $49 million. Dogecoin, which is generally less volatile than other cryptocurrencies, saw nearly $22.5 million in liquidations. The market declines appear to have been partially triggered by news that South Korean President Yoon Suk Yeol had declared martial law following a political conflict. The political unrest has had an amplified effect on the market, particularly on South Korean exchanges like Upbit, where price drops have been more severe.
Binance dominated the liquidation scene, with $222 million wiped out, 63% of which came from long positions. OKX and Bybit followed closely, with $134 million and $124 million in liquidations, respectively. Small-cap altcoins, such as Hedera and Solana, also contributed to the total, with over $108 million in liquidations of these assets.
Although the crypto market has seen some increases, particularly since Trump’s election victory, prices have remained largely stagnant in recent days. Bitcoin’s inability to cross the $100,000 threshold has frustrated investors, and there are growing concerns that the U.S. government may sell some of its Bitcoin holdings. Recent Bitcoin transfers to Coinbase, likely stemming from the Silk Road liquidation, have fueled speculation. Some experts, including Jason Lowery, say selling the government’s Bitcoin would be a significant strategic mistake.
The last 24 hours have been eventful for the cryptocurrency market, with significant sell-offs in XRP, Bitcoin and Ethereum. Political unrest and concerns over government actions add to uncertainty as the market remains in flux with mixed signals and little clear direction.
