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A broad crypto market sell-off intensified overnight against a potential backdrop of global equity strength, resulting in major long liquidations.
Crypto traders who had expected the market to catch up with the global stock rally were left disappointed as a major price drop caused the largest liquidation event since early February.
Nearly $1.8 billion in leveraged crypto positions were liquidated in 24 hours, according to CoinGlass data. Long positions bore the brunt of the damage, with about $1.6 billion in liquidations.
$1.6 billion long liquidations
The crypto market fell early Wednesday even as global stock indexes hit fresh records. Major cryptocurrencies, especially in the top 10, nursed losses between 2% and 6%.
The drop marked the largest single-day wipeout since February 5, with $1.8 billion liquidated and a near-pure flush of long bets, with longs taking $1.6 billion of the total and shorts only $200 million, per CoinGlass data.
Vet (Hussein Zangana), an XRP Ledger dUNL validator and Director of Community at the XRP Ledger Foundation, reacted to the selloff, highlighting the $1.6 billion long position wipeout. "$1.6 billion in crypto long positions liquidated," Vet wrote.
XRP turns 14
XRP marked its anniversary on June 2, as 14 years ago, Arthur Britto committed the code that created the 100 billion XRP (previously called XNS).
Reacting to the milestone, Ripple CTO Emeritus David Schwartz wrote: "14 years ago, we got together with an idea to build a better way to move value. What happened next was something none of us could have built alone."
Other dates are also historic for XRP: 15 years ago on October 14, Jed McCaleb made the first code contribution to what is now known as the XRP Ledger. In there, he used a variable called "Faith" with the comment. Vet highlighted this milestone, adding that "a leap of faith is all it needs."
Dan Burgin
