Liquidations Top $600M as Bitcoin Falls $8K, Reversing Trump-Driven Rally

The bull party that started yesterday didn’t last long, as bitcoin and most altcoins erased a massive portion of the gains charted in the past few hours.

Naturally, this has triggered a substantial liquidation wave that has taken over 180,000 traders by surprise. The largest-single liquidated order took place on BitMEX and was worth $10 million.

It has been another explosive 24-hour period in the cryptocurrency markets. After a calm that lasted about two days – from Friday to Sunday afternoon, the entire market, led by XRP, SOL, and ADA, soared in value yesterday following positive news from US President Donald Trump.

After confirming plans that the country will work on its own crypto strategic reserve, Trump named the aforementioned trio to be included in it, which resulted in mindblowing gains of up to 60% within hours.

He added BTC and ETH later, which pushed their valuations higher as well. Bitcoin’s surge saw the asset go from $85,000 to a weekly high of $95,000, while ETH tapped $2,500.

However, the market faced another rejection at that point, especially in the past few hours. BTC stood close to $94,000 before it was driven south by almost seven grand in minutes and eight since yesterday’s peak to $87,000 (for now).

Interestingly, this came just hours after analysts warned that the surge past $90,000 might have been a fakeout.

ETH’s price is down by 11% on a daily scale and struggles to remain above $2,200. XRP, SOL, ADA, DOGE, and others are also down by double-digits.

This enhanced volatility has harmed over-leveraged traders, with more than 180,000 such market participants getting wrecked on a daily scale. The total value of liquidations has gone up to over $630 million on the same timeframe.

Moreover, $146 million out of the $155 million liquidated in the past hour alone came from short positions, shows data from CoinGlass.