In a dramatic turn of events that rattled both local and global investors, Bitcoin and Ethereum led a sweeping sell‑off that triggered crypto liquidations totaling approximately $708 million in the past 24 hours—a development analysts are calling one of the most intense bouts of market deleveraging seen recently.
Data from CoinGlass reveals that the sudden decline came as Bitcoin dipped below critical support levels, dragging down other major tokens. Bitcoin longs alone saw hundreds of millions wiped out, while Ethereum positions also suffered hefty losses, accounting for a substantial portion of the total liquidation figure
On centralised platforms such as Binance and Bybit, leveraged traders bore the brunt. At Bybit, single days accounted for liquidations nearing $354 million, making it one of the most severely impacted exchanges
Bitcoin fell sharply to just under $101,000, while Ethereum slumped nearly $286 million in positions were shaken out, reflecting widespread panic among bullish speculators
Despite the overall sell‑off, there were notable opportunistic trades. One institutional speculator reportedly shorted Bitcoin and turned a tidy $7.5 million profit, underscoring the volatility-driven chance even amidst chaos
Market analysts link the crash to escalating uncertainty triggered by geopolitical rumblings between global tech and political figures, including a headline‑grabbing spat involving Donald Trump and Elon Musk. That escalation eroded investor sentiment and spurred the forced closure of leveraged positions across the board
The fallout extends beyond just big‑ticket trades. Altcoins including XRP, Dogecoin, and Solana also shed value sharply, with liquidation flows amplifying pressure across the crypto ecosystem
For Nigerian traders—many of whom engage in crypto speculation via international platforms—the crash delivers a sobering warning. A miscalculated margin call or sudden drop in Bitcoin’s price can quickly derail months of gains. Risk management has never been more critical.
In summary, this pullback serves as a stark reminder: in the frenzy of leveraged trading, massive losses can materialise nearly overnight. The $708 million wipe‑out underscores not only crypto’s susceptibility to headlines and sentiment shifts, but also the urgent need for caution—even among seasoned investors.
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