YEREVAN (CoinChapter.com) — The cryptocurrency market suffered a major decline in the past 24 hours, leading to nearly $1 billion in liquidations. Data from Coinglass shows that 334,404 traders lost their positions, with total liquidations reaching $947.7 million.
Long positions took the biggest hit, with $742.2 million wiped out, while short positions lost $205.5 million. This indicates that most traders expected prices to rise, but the market moved against them.
Bitcoin (BTC) faced the largest liquidations, totaling $317.9 million—$242.1 million from long positions and $75.8 million from shorts. Ethereum (ETH) saw $248.2 million in liquidations, with $196.4 million from long positions.
Mt. Gox and Ethereum Whales Trigger Market Fear
Large transactions by major crypto holders added to market concerns. Arkham Intelligence reported that Mt. Gox, the collapsed exchange, transferred 11,834 BTC (worth $931.1 million) to an unknown address. Hours later, another 332 BTC (worth $26.6 million) was moved. Earlier, Mt. Gox had shifted 12,000 BTC, bringing the total to nearly $2 billion in recent transfers.
At the same time, Spot On Chain detected that an Ethereum ICO whale, inactive for five months, deposited 7,000 ETH (worth $12.9 million) to Kraken. This whale still holds 30,070 ETH (valued at $54.4 million). Meanwhile, Longling Capital transferred 21,000 ETH ($38.8 million) to Binance. In another major transaction, a whale sold 25,800 ETH, taking a $31.7 million loss to avoid further liquidation.
Trump’s Recession Comments Impact Crypto Prices
Uncertainty increased after Donald Trump made remarks about a possible recession. In an interview with Fox News, he said,
“Look, we’re going to have disruption, but we’re ok with that.”
His statement led to stock market declines and further losses in cryptocurrency prices.
According to The Kobeissi Letter, the latest market drop erased the gains made after the US Reserve announcement, wiping out $1.3 trillion from the cryptocurrency market since its peak on Dec. 17, 2024.
Bitcoin fell to $76,600, marking a four-month low. At press time, it had slightly recovered to $79,939, still down 3.2% over the past 24 hours.
Ethereum also experienced a sharp decline, dropping 8.4% to $1,895, its lowest price since late 2023. The continued price drops and liquidations have raised concerns about further volatility in the crypto market.
