Crypto markets saw a dramatic downturn at the start of the week, with a staggering $620.5 million liquidated in the past 24 hours.
Bitcoin's sharp decline to $80,000 triggered a wave of margin calls, resulting in forced sell-offs and increased market volatility.
Liquidation Chaos Sweeps Crypto Market
A total of 225,381 traders were liquidated, causing long positions to suffer losses of $529.4 million. Short positions also took a hit, with $91.1 million liquidated.
The largest liquidation order of $32.0 million occurred on Binance for a BTC/USDT position.
Bitcoin's long liquidations surpassed previous market turmoil levels, further intensifying the sell-off.
Market Turmoil Continues
As Bitcoin battles downward pressure following President Donald Trump's Executive Order, market uncertainty looms.
Analysts predict potential retests at $78,000 and $75,000 if Bitcoin's value continues to falter, indicating high volatility ahead.
At present, Bitcoin holds above $80,000, trading at $82,629, down 3.9% in the last 24 hours.
Market Plunge Affects Entire Crypto Sector
The market cap plummeted by $148 billion, impacting assets like Ethereum, which experienced $108.5 million in liquidations. ETH traded at $2,062 with a 5.3% decline.
Whales Under Pressure Amid Market Shift
The downturn has put major stakeholders at risk of liquidations. Notably, a whale holding 65,675 ETH on Maker faces potential sell-offs amid declining values.
Investment firm World Liberty Financial also suffered substantial losses, with Ethereum accounting for a 37% decrease in the portfolio value.
Whales in the Market
While some whales are experiencing losses, others are capitalizing on market shifts. One whale saw profits from shorting BTC during the recent price drops, accumulating over $7.5 million in unrealized gains.
Market Insights
The market remains volatile, with predictions of heightened activity as Bitcoin's value remains uncertain. Whales and traders are navigating shifting tides, with potential for significant gains and losses in the days ahead.