Crypto Chaos: $846.8M Liquidated as Bitcoin and Ethereum Prices Tumble

Crypto Market Faces Massive Liquidations Amidst Bitcoin Price Drop

The cryptocurrency market has been hit hard with a staggering $846.8 million in liquidations over the past 24 hours, as reported by Crypto Times (cryptotimes.io). This turmoil affected nearly 243,000 traders who were caught off guard by the volatility of major cryptocurrencies like Bitcoin and Ethereum. The most significant losses occurred during a 12-hour window where more than half of the total liquidations took place, highlighting the extreme unpredictability that still plagues this market.

A notable incident was recorded on Binance involving an ETHUSDT position worth $15.8 million being liquidated—the largest single liquidation of the day. Despite these setbacks, Bitcoin managed to see a slight increase in its value within one day, reaching approximately $96,811.63 while maintaining an overall crypto market cap at around $1.91 trillion.

Christmas Crash: Major Cryptocurrencies Plummet

Decrypt (decrypt.co) reports that what seemed like a festive season for crypto investors quickly turned into chaos as leading digital currencies experienced substantial declines. Following another all-time high earlier in the week above $108K for Bitcoin, prices have now plunged to about $97K—a drop of roughly 7% just today alone.

This downturn wasn't limited to BTC; other prominent coins such as Ethereum saw their values decrease significantly—by almost 12%, trading currently near $3,422—and Ripple's XRP fell similarly downwards too alongside Dogecoin which faced even steeper drops nearing up-to-20%. These developments underscore how volatile conditions can lead to widespread panic among stakeholders across various platforms globally resulting ultimately from long-short positions totaling upwards of billion-dollar figures getting wiped out entirely overnight according to CoinGlass data analysis shared via Decrypt’s latest coverage updates.

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Article Summary

The cryptocurrency market experienced significant turmoil with $846.8 million in liquidations as Bitcoin's price dropped, affecting nearly 243,000 traders and highlighting the market's volatility. Despite these challenges, Bitcoin saw a slight recovery within one day while other major cryptocurrencies like Ethereum and Ripple faced substantial declines.