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In the aftermath of the Bybit hack, the crypto market sell-off is deepening, with combined crypto liquidations reaching $1.34 billion in the past 24 hours. While Bitcoin (BTC), Ethereum (ETH) and XRP are leading this sell-off, almost all altcoins in the top 100 are experiencing massive price drawdowns. More than 363,000 traders were impacted by the liquidations as top coins gear up for a reset.
Crypto liquidations by numbers
Per the CoinGlass data, Bitcoin led the sell-off, scoring a liquidation valued at $526.31 million in the past 24 hours. Long traders suffered the most, with $502.5 million recorded, as short traders saw a loss of $23.81 million. While crypto liquidations are common on the market, this is the biggest one this year.
Tomiwabold OlajideEthereum also saw a massive liquidation of $292.42 million, with long traders accounting for $270.13 million and short traders losing $22.29 million. XRP liquidation in 24 hours was worth $56.77 million, the highest recorded thus far. As expected, long traders saw $52.38 million in liquidations, while short traders saw a $4.39 million drawdown.
The trend on the market, also showcased by Solana (SOL), Dogecoin (DOGE) and Litecoin (LTC), among others, remains the same. Despite the bearish outlook, futures traders bet the price will jump soon.
Rebound triggers to watch
The negative outlook on the market is not completely clear, as regional trade concerns in North America are weighing down the stock market. Since crypto is correlated with mainstream stock markets, the economic uncertainty might continue to weigh down Bitcoin.
However, Bitcoin still has a positive sentiment and adoption rate among institutional investors. Michael Saylor’s Strategy invested $2 billion into Bitcoin, as announced on Feb. 24. The firm has inspired a number of other Wall Street firms to commit to a BTC treasury strategy in hopes of price recovery.
Dan Burgin
Vladislav Sopov