The crypto market saw a sharp selloff, erasing over $1.1 billion (₱63.7 Billion) in value within 24 hours, primarily affecting overleveraged long positions. The losses are compounded by struggles in U.S. equities and growing economic concerns.
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By the Numbers
- Total Liquidations: $961.68M (latest number at the time of writing)
- Longs: $891.52M (93%)
- Shorts: $70.16M (7%)
- Number of Traders Liquidated: 318,250
- Largest Single Liquidation: $10M BTC order on BitMEX
Top Liquidated Assets
- itcoin (BTC): $174.22M
- Ethereum (ETH): $119.80M
- Solana (SOL): $38.32M
- XRP: $25.60M
- Dogecoin (DOGE): $12.35M
Exchange Breakdown
- Bybit: $268.43M
- Binance: $104.80M
- OKX: $54.29M
- Gate.io: $53.64M
- HTX: $27.82M
What’s happening
The sell-off is not just a crypto-specific event. Major U.S. stock indices failed to recover from recent declines, with the Nasdaq closing down 1.2% and the S&P 500 falling 0.5%.
Solana’s Decline
Adding pressure, Solana (SOL) has been hit particularly hard, down 41% over the past month as the fading memecoin hype, upcoming token unlocks in March, and a 30% increase in SOL inflation due to SIMD-96 adjustments weigh on sentiment. (Read more: 11.2M Solana (SOL) Worth $2.06B to Unlock from FTX Bankruptcy Auction – Market Impact Explained)
Sentiments Turning Cautious
Meanwhile, crypto hedge fund managers are turning cautious. Quinn Thompson, founder of Lekker Capital, estimated there is an 80% chance that Bitcoin won’t make new highs in the next three months and a 51% chance that new highs won’t be reached for at least a year, Coindesk stated.
On the macro side, economic risks are rising. Neil Dutta of Renaissance Macro Research warns that a “passive tightening” of monetary policy could lead to a decline in interest rates but also trigger a selloff in equities as investors become more risk-averse.
What’s next
Analysts warn that further downside could trigger even more liquidations, extending the current market downturn.
- If economic data weakens further, markets may see another wave of liquidations.
- Analysts are debating whether $95,000 was the local top or if another leg down is coming.
- For Solana, the upcoming token unlock and fee structure changes could lead to continued selling pressure in the coming weeks.
This article is published on BitPinas: Quick Take: Over $1.1 Billion Wiped from Crypto Markets
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