Crypto Market Suffers $628M in Liquidations Over 24 Hours
Over the past 24 hours, the cryptocurrency market experienced a sharp downturn, marked by widespread liquidations and steep declines in altcoin prices. Traders encountered intense volatility, with Bitcoin showing more resilience compared to assets like Solana and Ripple.
According to Coinglass, more than 237,000 traders were liquidated in the last 24 hours, totaling approximately $628 million. Of this, $463 million came from long positions, while $165 million was from short positions, reflecting a sudden shift in market sentiment as traders reacted to sharp price fluctuations.
Liquidation Data for the Past 24 Hours. Source: coinglass.com
Bitcoin (BTC), which recently hit an all-time high of $109,000, is now trading at approximately $103,000, reflecting a 2% dip over the past 24 hours. Despite this slight pullback, Bitcoin has shown relative stability compared to the more significant declines across other cryptocurrencies.
Altcoins have been hit hardest in the latest market downturn, with major assets experiencing sharp losses as traders shift funds into stablecoins to reduce risk. Solana has dropped more than 9% in the past 24 hours, while Ripple has declined over 5%.
Bitcoin’s heightened sensitivity to U.S. economic data has become a focal point for the crypto community, with anticipation surrounding upcoming Federal Reserve interest rate decisions further fueling caution and preparing traders for heightened volatility.
Analysts have noted a growing sense of caution in the market. Despite high funding rates signaling some optimism, the market remains in a consolidation phase as it digests the impact of the recent rally.
Speculation Grows Over a U.S. Strategic Bitcoin Reserve
Speculation is mounting about the potential creation of a U.S. Strategic Bitcoin Reserve (SBR), especially amidst ongoing market volatility. According to Polymarket data, there is a 29% chance that President Trump will sign an executive order to establish an SBR within his first 100 days in office.
Chances of a Strategic Bitcoin Reserve Order in Trump’s First 100 Days: 29%. Source: polymarket.com
The SBR would involve the U.S. government purchasing and holding Bitcoin as a strategic asset, similar to its approach with gold reserves. However, implementing this initiative would require comprehensive planning, regulatory approval, and collaboration with the Federal Reserve.
Gracy Chen, CEO of Bitget, addressed the speculation in an interview with The Block, stating that creating a strategic Bitcoin reserve within such a short timeframe remains unlikely. She emphasized that implementing such a policy would demand significant preparation, a robust regulatory framework, and close coordination with the Federal Reserve system.
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