The Crypto Market Suffers Major Liquidations

The crypto market experienced a significant downturn, liquidating $566 million in a single day. This plunge was triggered by the alarming $1.4 billion hack of the Bybit exchange, sending shockwaves through the industry.

Crypto Liquidations Reach $566 Million

In the wake of the Bybit hack, the crypto market plummeted, leading to liquidations worth $566 million within 24 hours. CoinGlass data indicates that 151,222 traders were impacted, primarily those holding long positions.

Long positions accounted for $321 million in losses, while short positions faced liquidations of $234 million. Notably, the largest single liquidation order occurred on Binance, involving a BTC/USDT trade valued at $12.14 million.

Bitcoin and Altcoins Under Selling Pressure

Bitcoin (BTC) faced selling pressure, losing 2% of its value in a day and dropping to $96,170. The market dominance of Bitcoin dipped by 0.47%, settling at 61.09%.

Altcoins witnessed more pronounced declines, with XRP losing 3%, Solana (SOL) shedding 3.5%, and Dogecoin (DOGE) falling 4%. Cardano (ADA) experienced the most significant drop at 5%, while Shiba Inu (SHIB) slipped by 2%.

Overall Market Cap Declines

The combined crypto market lost 2% of its value, decreasing the total market cap to $3.17 trillion. This decline reflects the uncertainty and panic among traders.

Top Crypto Gainers

Bitget Token (BGB): Up 4.7% to $5
Maker (MKR): Up 4% to $1513
Ethena (ENA): Up 3.41%

Top Crypto Losers

Jito (JTO): Down 16.5%
Berachain (BERA): Down 13.6%
Stroy (IP): Down 12% to $4.40