Key Takeaways
- Crypto markets experienced over $864 million in liquidations within 24 hours, affecting more than 241,000 traders.
- Bitcoin and Ethereum were heavily impacted, with $229 million and $153 million in liquidations, respectively.
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Crypto markets experienced sharp volatility in the last 24 hours, with liquidations exceeding $864 million, according to CoinGlass.
The event impacted more than 241,000 traders, with long positions bearing the brunt of the losses. Long positions absorbed the majority of the damage, totaling about $782 million.
The total crypto market capitalization slid nearly 3% to around $3.2 trillion, per CoinGecko.
Bitcoin fell from above $95,000 to near $92,000, leading to liquidation losses of $229 million. Ethereum followed with $153 million in liquidations. The largest single loss was a $25.8 million BTC-USDT position on Hyperliquid.
The crypto market declined into the new week as geopolitical tensions rose following President Trump’s threat of tariffs on Denmark and key European allies over the Greenland dispute.
The plan includes a 10% tariff, effective in February, which will escalate to 25% in June if negotiations fail. Trump argued that these nations have long benefited from US protection and claimed Greenland is critical to countering growing foreign influence and supporting the development of the “Golden Dome” missile defense system.