According to data provided by CoinGlass, more than $1.2 billion worth of crypto has been liquidated over the past 24 hours.
Long positions, unsurprisingly, account for the vast majority of the wipeout ($1.07 billion).
The largest single liquidation order took place on Binance, with one trader losing nearly $16 million.
Binance comes in first place by the total amount of liquidated crypto with $546 million.
Earlier today, the price of Bitcoin plunged to an intraday low of $96,682, according to CoinGecko data The cryptocurrency is down nearly 7% in just 24 hours.
Alex DovbnyaMajor altcoins are taking a more severe beating, with the Ripple-linked XRP token plunging by as much as 10%.
Dogecoin (DOGE) and Cardano (ADA) have also recorded double-digit losses, plunging by 19.4% and 15.7%, respectively.
As reported by U.Today, the cryptocurrency market turned bearish after the US Federal Reserve indicated that it would reduce easing in 2025 after implementing a "hawkish" rate cut.
Now, only two rate cuts are expected near year in a huge blow to risk assets.
The US equities also appeared under severe strain, with the Dow recently logging its longest losing streak in 50 years.
Arman Shirinyan
Dan Burgin
Vladislav Sopov