Bitcoin and altcoins have fallen sharply over the past day, leading to the liquidation of large crypto longs in the derivatives market.
The crypto sector has seen a significant amount of liquidations in the past day
According to data from coin glassthe other day volatility A series of liquidations occurred in the cryptocurrency market. ”liquidation“A ‘loss’ of a contract occurs when certain losses accumulate and it is forced to close by the exchange. The digital asset sector tends to have high volatility, so there are a large number of liquidations on a regular basis. As shown in the table below, such volatile events have occurred in the past 24 hours.
The cryptocurrency market faces a total of $874 million in liquidations within this window. Of this amount, long-term contracts accounted for the overwhelming share, amounting to $788 million.
The reason the liquidation was so lopsided is, of course, the price movement that unfolded the previous day. Bitcoin plummeted from $95,500 to a low of $93,000, and Ethereum fell from $3,350 to $3,200. In percentage terms, these declines were not large, but their rapid nature is what triggered the liquidations.
The cause of the collapse may be the flare-up of tariff tensions between the US and the EU. According to reports ReutersPresident Donald Trump vowed over the weekend to impose tariffs on eight European countries.
From February 1, goods from Denmark, the United Kingdom, Norway, Sweden, France, Germany, the Netherlands and Finland will be subject to an additional 10% import duty. If the United States is not allowed to acquire Danish Greenland, these tariffs will increase to 25% on June 1.
Several events have already occurred in 2025. Tariff-related uncertainties It is no surprise that the latest news is fraught with volatility as it has affected the crypto market. As always, recent market volatility has resulted in Bitcoin-related contracts accounting for a disproportionate share of liquidations.
As seen in the heatmap above, Bitcoin experienced approximately $233 million in liquidations in the past day. Ethereum, the next ranked coin in this category, has seen $156 million worth of contracts involved.
Among altcoins, Solana, XRP, and Dogecoin ranked highest with $61 million, $41 million, and $35 million in liquidations, respectively. Despite having a smaller market cap, SOL is outperforming XRP because its 6% plunge is greater than the latter’s 4% decline.
bitcoin price
Bitcoin price is now back at $93,100, with Bitcoin rebounding slightly from its lows.
