The crypto market has been hit by the worst bloodbath in history over the last 24 hours. Vivek, a top crypto analyst, shared on X earlier today (Feb. 3, 2025) that over “$2 Billion Liquidated from Bitcoin and Crypto in the last 24 hours.” This made the bloodbath “the biggest liquidation event in the history of crypto.”
$2 BILLION LIQUIDATED FROM #BITCOIN AND CRYPTO IN THE LAST 24 HOURS
THE BIGGEST LIQUIDATION EVENT IN THE HISTORY OF CRYPTO 🤯
— Vivek⚡️ (@Vivek4real_) February 3, 2025
Bitcoin, as well as other top cryptocurrencies fell in price resulting in this massive wipeout. Overall, bearish sentiment is looming in the crypto market with the price of BTC dipping further in the day. Other altcoins have also continued to plummet in response to Bitcoin’s price dip.
The Worst Bloodbath in The History of Crypto
Post-Trump inauguration, several cryptocurrencies have experienced a downward trend with prices falling massively. According to data on Coinglass, the recent decline resulted in over $2.32 billion wiped out from the market.
The data also shows that a total of 747,902 traders were affected by the liquidations. Amongst these liquidations, the largest single liquidation happened on HTX whereby a trader lost $38.78 Million in a BTC-USDT trade.
As per the liquidation heatmap, ETH topped the list with over $617.40 million liquidated. Other coins besides the top cryptocurrencies followed with $441.23 Million in liquidations. BTC, on the other hand, saw a total of $418.24 million liquidated while XRP’s liquidations totaled up to $123.25 million.
What’s Causing the Recent Crypto Bloodbath?
The surge in crypto liquidations over the last 24 hours can be attributed to the recent move by Donald Trump to impose heavy tariffs on other countries. As shared on X on Feb. 2, 2025, the US president recently imposed 25% Tariffs on all imports from Mexico and Canada. He also imposed a 10% additional Tariff on imports from China.
According to the post, Trump imposed these tariffs under the 1977 International Emergency Economic Powers Act (IEEPA). The main reason behind the tariffs is to protect US citizens against illegal goods.
Following the announcement, a “Trade War” is looming. This has further heightened fears of inflations and economic instability hence the recent market panic. With US stock indexes dipping sharply, the crypto market has dropped in the last 24 hours causing massive wipeouts.
Bitcoin’s Price Performance Amidst the Crypto Crash
Data on Coinmarketcap shows that Bitcoin is trading at $95,456.73 as of the time of writing. The price marks a $3.62% decline in the day after breaching the $99,000 support yesterday. Earlier in the day BTC had also dipped to a price below the $93,000 before reversing upwards to the current price.
BTC has been trading between a low of $92,584.95 and a high of $97,725.65. The coin has experienced a surge of over 176.26 in trading volume over the last 24 hours. Currently trading volume sits at $102.46 Billion in the same period.
On the other hand, the market capitalization has dipped to $1.89 trillion indicating a 3.74% decline. While the price of Bitcoin is recovering from earlier prices, further panic resulting from the Trade War could push the prices lower.
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