Over the last 24 hours, Bitcoin and the crypto market has been trending on rather shaky grounds, with the latest crash forcing a $1.52 Billion liquidation in the previous 24 hours. The market cap is also down by nearly 10%, crashing from the highs of $3.2 Trillion to around $2.8 Trillion today.
The crypto market suffered its worst crash of the year today, Tuesday, Feb. 25.
The crash wiped close to $400 Billion off the industry’s market cap, forcing it below $3 Trillion for the first since mid-November 2024.
Among the affected coins was Bitcoin, which saw its price tumble by more than 8% from yesterday’s high of $96,000 to an intraday low of $86,600.
Ethereum suffered an even worse fate as the price crash exacerbated its woes. It is worth pointing out that Ethereum has had a rough start to the year. It has yet to recover from market dips triggered by the hawkish FED comments and the Trump Tariffs.
And this past weekend, ETH investors were spooked when the ByBit exchange and 0xInfini stable coin bank reported they had been hacked and ETH worth more than $1.5 Billion stolen.
The 13% price crash today, however, dealt the hardest blow to the digital asset as it crashed below the last critical support of $2600 to an intraday low of $2300. The altcoin last traded at this level more than three months ago, meaning it has lost all the gains made since Trump became president.
Liquidations Top $1.51 Billion, Bitcoin Leading The Way
According to data from Coinglass, today’s market downturn has resulted in the forced liquidation of more than 386,700 trades worth more than $1.48 Billion.
Most of these were long trades, with Bitcoin accounting for more than 43% at around $641 Million, while Ethereum and Solana liquidations exceeded $300 and $110 Million, respectively.
The largest single liquidation order of $20.8 Million was also a BTC/USD trade on Binance.
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