Crypto Liquidations Spike Above $800 Million as Bitcoin, Dogecoin and Ethereum Fall

Traders Face Crypto Liquidations as Market Declines

The crypto market has experienced a significant downturn in the past 24 hours, with over $800 million worth of crypto positions being liquidated. This surge in liquidations has primarily affected optimistic traders who bet on future cryptocurrency gains, only to face losses as prices fell.

Data from CoinGlass reveals that more than $827 million worth of positions were liquidated, with long positions accounting for the vast majority at $747 million. Bitcoin led the losses with $222 million in liquidated bets, followed by Ethereum at nearly $122 million.

Top Assets Hit by Liquidations

The top five assets affected by daily liquidations include Solana, XRP, and Dogecoin, all of which are currently trading lower. Dogecoin has seen a sharp 9% drop, falling below $0.20—its lowest level since May 8. Solana is down nearly 5% at $160, while XRP has declined 3.3% to $2.20. Ethereum has slipped 3% to $2,573.

Bitcoin's daily dip of 1.3% to $104,730 appears less severe, but it has struggled to hold onto last week's gains when it reached an all-time high of $111,814.

Market Volatility and Future Outlook

The broader crypto market has lost 4.3% of its value in the past day, with recent volatility linked to ongoing political and economic uncertainties. Despite the downturn, some analysts remain optimistic about long-term growth.

BRN Lead Research Analyst Valentin Fournier noted in a recent market update that investors should anticipate "further short-term weakness for Bitcoin" before a potential rally toward the $130,000 to $150,000 range, possibly followed by a rise in altcoins.