The turmoil across the crypto market has picked up pace over the last 24 hours as the market faces massive liquidations. This has seen the crypto liquidations rise to $1.52 billion after cryptocurrencies market-wide faced steep declines.
Bitcoin, for instance, has dropped to the $87,000 price level reaching the lowest point since January 13 2025. Ethereum also dropped slightly above the $2,300 position, a price last seen around October 2024.
With the liquidations hitting the roof massive concerns have arisen amongst investors. There’s even speculation going round on twitter that crypto exchanges could be manipulating the market through capping long liquidation. However, nothing is confirmed yet and it’s hard to determine whether it’s just rumors.
$1.5 Billion Liquidated In the Last 24 Hours
Following the massive price drop of major cryptocurrencies, Coinglass analytics show that $1.52 billion worth of positions have been liquidated in the last 24 hours. This massive liquidation has affected over 394,860 traders. While liquidations are normal in the crypto sector due to market volatility, the recent liquidation of $1.5 billion is the biggest one recorded in 2025.
Amongst recent liquidations the biggest single liquidation saw a trader lose $20.80 million in a BTC/USDT position. BTC saw the most liquidated positions with $655.26 million liquidated. On the other hand, ETH ranked second in liquidations with traders losing $307.38 million.
Other notable liquidations were experienced in SOL with $114.10 million liquidations and XRP with $65.93 million liquidated. Dogecoin traders also saw $32.93 million liquidated in the last 24 hours. Generally, most of the cryptocurrencies have faced a decline in that period depicting the prevalent bearish momentum.
What is Causing Panic In The Crypto Market?
In a recent development the president of US Donald Trump issued a statement confirming the re-implementation of up to 25% tariffs on all Canada and Mexico imports. Trump’s statement has thus resulted in a market-wide panic with investors concerned about the market conditions moving forward.
Trump initially imposed the tariffs on China, Canada and Mexico. However, Canada and Mexico tariffs were paused for one month as the negotiations between the governments went on. With the tariffs moving forward, a Trade War is looming in the market and could result in unfavorable conditions across crypto and the general economy.
Uncertainty over inflation has also contributed to the current market sell-offs hence the current crash in the market. Additionally, the recent hack of Dubai-based exchange ByBit might have played a part in the current crash.
Bitcoin’s Price Performance As The Market Faces Volatility
The price of Bitcoin has dipped massively over the last 24 hours resulting in large liquidations for BTC positions. BTC has been trying to recover the $100K price level for the past few weeks. However, with the price failing to hold support above $95,000 it dropped further as panic-selling kicked in.
As per the data on Coinmarketcap, BTC is currently trading at $86,641.09. This price level shows a 8.36% dip in the day after breach of the $87,000 support. If bulls fail to recover, BTC could continue dropping further risking a test of the key support of $82,000. Traders should thus watch the price movement of BTC moving forward amidst the current volatile conditions.
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