The crypto market faces a massive liquidation of $1.16 billion, with 247,201 traders liquidated in the last 24 hours. The top players in the digital assets space, including Bitcoin, ETH, XRP, SOL, DOGE prices face the heat, each losing between 2% and 8%.
Notably, this retreat in the crypto prices comes as the broader financial markets are affected by soaring macroeconomic concerns. The US Stock indices also experienced a heavy selloff on Thursday, indicating the waning risk-bet appetite of the investors.
Crypto Market Sees $1.15 Bln Liquidation
The crypto market witnessed a heavy sell-off, which resulted in a $1.15 billion liquidation while wiping out over 247,000 traders in the last 24 hours.
According to CoinGlass data, the largest single liquidation order occurred on Binance, valued at $201.31 million in the BTCUSDT pair.
Notably, Bitcoin, Ethereum, Solana, and XRP have topped the list, with their 24-hour liquidations recorded at:
- Bitcoin (BTC): $422.22 million in long liquidations and $28.63 million in short liquidations.
- Ethereum (ETH): $242.06 million in long liquidations and $56.51 million in short liquidations.
- Solana (SOL): $45.85 million in long liquidations and $6.8 million in short liquidations.
- XRP: $21.64 million in long liquidations and $1.61 million in short liquidations.
Meanwhile, the recent crypto crash could be attributed to the rising geopolitical tensions between Israel and Iran. Considering that, the investors appear to be taking shelter in safer assets like gold.
The global crypto market cap fell nearly 4% to $3.26 trillion in the last 24 hours. However, the trading volume has recorded a jump of 25% to $170 billion.
Here’s Why Crypto Prices Are Falling Today
The recent crypto market crash comes as Israel has initiated an attack on Iran, fueling geopolitical concerns amid heightened Middle East tensions.
Simultaneously, Israel also said that Iran has launched a drone attack in retaliation, which has further fueled concerns, CNBC reported.
On the other hand, the recent Middle East tensions have driven the oil prices high. The WTI Crude Oil Futures rose nearly 7%, while the Natural Gas Futures soared 1% to $3.528.
This has further fueled concern over continuing inflationary pressure, which might also help the US Fed to continue with the cautious stance with their rate cut plans. Notably, the lower inflation and interest rates often help crypto prices thrive.
How’s Bitcoin & Other Altcoins Performing?
Amid the recent crypto crash, Bitcoin price today slipped nearly 3% to $104,720, while ETH price fell around 9% to $2,513.
On the other hand, the XRP price lost nearly 5%, especially after Ripple and the US SEC filed a joint motion in the XRP lawsuit.
Meanwhile, Solana price also lost more than 9% to $144, indicating the cautious stance of the investors. Cardano price also slipped around 8% and rested at $0.6319 during writing.
In the meme coins sector, the DOGE price was down nearly 9% to $0.1738, and the Shiba Inu price fell about 8%.
Notably, this latest turbulent crypto prices scenario indicates that the latest lower-than-expected US CPI and PPI inflation figures have failed to boost the market sentiment.
