Crypto Facing $1.2 Billion Liquidation Bloodbath as XRP, DOGE, and ADA Record Stunning Losses

Major altcoins, including XRP and Cardano (ADA), have logged double-digit losses

According to data provided by CoinGlass, more than $1.2 billion worth of crypto has been liquidated over the past 24 hours.

Long positions, unsurprisingly, account for the vast majority of the wipeout ($1.07 billion).

The largest single liquidation order took place on Binance, with one trader losing nearly $16 million.

Binance comes in first place by the total amount of liquidated crypto with $546 million.

Earlier today, the price of Bitcoin plunged to an intraday low of $96,682, according to CoinGecko data The cryptocurrency is down nearly 7% in just 24 hours.

Major altcoins are taking a more severe beating, with the Ripple-linked XRP token plunging by as much as 10%.

Dogecoin (DOGE) and Cardano (ADA) have also recorded double-digit losses, plunging by 19.4% and 15.7%, respectively.

As reported by U.Today, the cryptocurrency market turned bearish after the US Federal Reserve indicated that it would reduce easing in 2025 after implementing a "hawkish" rate cut.

Now, only two rate cuts are expected near year in a huge blow to risk assets.

The US equities also appeared under severe strain, with the Dow recently logging its longest losing streak in 50 years.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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Crypto Facing $1.2 Billion Liquidation Bloodbath as XRP, DOGE, and ADA Record Stunning Losses

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