Crypto crash wipes out $1.7 billion in leveraged positions, Bitcoin plunges toward $94,000
Key Takeaways
- The crypto market crash led to $1.7 billion in leveraged position liquidations within 24 hours.
- Despite concerns over quantum computing’s impact on crypto security, current threats remain minimal.
A sharp crypto market correction triggered $1.7 billion in liquidations over 24 hours, with Bitcoin falling from above $100,000 to $94,100 and Ethereum dropping 8% below $3,800, according to data from Coinglass.
The market-wide selloff led to $168 million in short liquidations and $1.5 billion in long positions being liquidated, as the overall crypto market cap shrank by 7.5%.
Bitcoin has partially recovered from its recent dip, now trading at $97,800, but remains 2% lower over the past 24 hours. The rest of the crypto market, however, is still under pressure. Most altcoins have plummeted by at least 10% within a day.
Of the top 10 crypto assets by market cap, Ripple (XRP), Dogecoin (DOGE), and Cardano (ADA) bore the brunt of the losses. XRP declined by 11%, DOGE by 10%, and ADA by 13%.
While no single event has been definitively identified as the cause of Monday’s pullback, crypto traders speculate that a combination of factors, including Google’s release of the ‘Willow’ quantum computing chip and recent Bitcoin transfers from Bhutan, may have played a role.
