According to the current market data, the crypto market sharply crashed early Friday morning, with major digital assets experiencing a large liquidation event. Bitcoin (BTC) has fallen below $105,000 and the global crypto market cap has decreased by 3%, losing approximately $150 billion in market value. Currently, investors and analysts are examining what actually happened and what might happen next.
Massive liquidation strikes the market
According to Coinglass data, $750 million worth of crypto positions were liquidated in the last 24 hours, with $380 million liquidated in just 4 hours. Approximately 196,000 traders have been affected, with the largest single liquidation being a BTC/USDT position on OKX, amounting to $12.74 million.
Long positions have been the most affected, totaling $660 million, while short positions experienced losses of $90 million. Major cryptocurrencies like BTC, ETH, SOL, XRP, DOGE, and SUI played a significant role in this decline, and their prices have also dropped sharply. Coins that were recently at high prices are now trading at lower values. As of writing, their current prices and 24-hour decline rates are listed below:
BTC: $105,273 (2.68% decline)
ETH: $2,618 (4.01% decline)
SOL: $163.28 (5.70% decline)
XRP: $2.18 (4.66% decline)
DOGE: $0.20 (9.05% decline)
SUI: $3.45 (5.67% decline)
This crash has created panic in the market and now everyone is searching for the real cause and what lies ahead.