KEY POINTS
- Nearly $250 million worth of $ETH had been liquidated overnight
- Bitcoin also saw nearly $190 million wiped out, followed by $XRP with $100 million liquidated
- Memecoins were also hit hard, including top meme token $PEPE, which had just hit an $11 billion market cap
Another bloodbath has taken place in the cryptocurrency market, wiping out $1.76 billion, with hundreds of thousands of traders being liquidated as Ethereum (ETH) led the overnight liquidations.
Data from CoinGlass showed that as of early Tuesday, liquidations have reached $1.76 billion in the last 24 hours. Most of the liquidations were long positions, coming in at a staggering $1.58 billion.
$ETH, Memecoins Lead the Bloodshed
While over $189 million in Bitcoin was wiped out from early Monday through early Tuesday, Ethereum saw the biggest losses, at nearly $250 million. Dogecoin (DOGE) was also at a loss, with $100 million liquidated, followed by XRP, which bled more than $72 million.
Basically, altcoins and meme tokens suffered the biggest losses overnight:
- Solana (SOL) - $62.98 million
- PEPE - $30 million
- Cardano (ADA) - $25.38 million
- SUI - $18.64 million
- Movement (MOVE) - $17.59 million
- Worldcoin (WLD) - $15.32 million
Many other altcoins and memecoins bled in the millions overnight. More than 582,000 traders were liquidated, with the largest single-order taking place on Binance with a value of $19.69 million.
The majority of the liquidations were on the Binance exchange ($674 million), followed by OKX ($401 million), and Bybit ($337 million), while others had liquidations lower than $100 million.
Why is Crypto Down?
While various factors affect downturns in the crypto market, one of the big news Monday that may have negatively affected crypto prices is the XRP token's significant decline following Ripple CEO Brad Garlinghouse's appearance at a recent 60 Minutes episode.
Garlinghouse expressed frustration over the show's supposed cherry-picking of his comments regarding crypto regulation and the industry's contributions to the election of a pro-crypto U.S. president and Congress.
He said the episode "shockingly" didn't air the part where he discussed a court ruling in the U.S. Securities and Exchange Commission's (SEC) lawsuit against Ripple. A federal judge ruled that the XRP token is not a security if sold in exchanges.
As of early Tuesday, XRP prices are down by over 10% in the last 24 hours.
XRP isn't the only altcoin hit hard Monday. ADA also shed 14% in the past day, and TRON's TRX lost over 15%. Multiple other altcoins and meme tokens have seen price slumps, potentially affecting the sentiment of crypto holders.
Crypto Downturn a Reset?
While new holders may have been spooked by the overnight bloodbath, other long-time holders and some crypto analysts believe it's just a regular "market reset."
Other maximalists said it's the best time to buy the dip as the current prices of most crypto at this point are a "gift," and as history has shown in the past regarding crypto prices, a sharp dip could mean prices are preparing to skyrocket once more.
