$1.2 Billion Wiped Out in 24 Hours: Bitcoin, Ethereum, and Terra Traders Most Affected

The cryptocurrency market experienced a brutal 24-hour period, with over $1.2 billion being wiped out. Bitcoin plunged to just over $90,000, triggering over $1 billion in liquidations, with altcoins suffering even greater losses. This sharp market downturn left Bitcoin, Ethereum, and Terra traders reeling. Nearly $1 billion in trader liquidations occurred, indicating a sharp market downturn and significant losses. Bitcoin experienced the largest losses, with substantial liquidations affecting long positions in particular.

Reports indicate that the market has also seen massive liquidations, with over $1.2 billion worth of crypto positions being wiped out in just 24 hours. Long positions accounted for the bulk of the liquidations. This mirrors a similar event on Dec. 19, approximately $1.02 billion was liquidated from the crypto market within 24 hours, of which around $856.66 million was long positions, according to Bybit data. Hace 22 horas Bitcoin and Ethereum lead $724M in 24-hour crypto liquidations, highlighting the widespread impact of the volatility.

While the reasons for the crash are complex, speculation points towards factors such as profit-taking and broader economic uncertainty. Despite the losses, Bitcoin\'s trading volume is up 19.30% to $62.43 billion. This suggests continued traders’ confidence and an attempt to "buy the dip," although the long-term effects of this significant wipeout remain to be seen. The potential impact of events such as a major Bybit hack (speculated, but not confirmed in this context) could also contribute to market anxiety and further downward pressure.

Don’t miss out on important updates – stay informed about cryptocurrency market trends and potential risks. This recent $1.2 billion liquidation serves as a stark reminder of the volatility inherent in the crypto market and the importance of prudent risk management.