The Bloody Monday’s market dip saw the general market capitalization dip below $4 trillion after keeping above this range for three weeks. On top of that, crypto liquidations on the Futures markets have skyrocketed by 1057.69% in the latest 24-hour period.
$1.7B Liquidation Shockwave Sends XRP, ETH Prices Tumbling
This mouth-dropping statistic comes to $1.7 billion liquidated on leveraged crypto market plays in 24 hours, as major-cap altcoins take a humongous hit. Specifically, Ether (ETH) & Ripple (XRP) took in a 6% 24-hour deficit each, now trading well below the previously-claimed support levels.
On Ripple coin’s (XRP) side, the current $2.80 price does not constitute a new monthly low yet, as the $2.76 support levels assisted in multiple bounce-backs through the first month of Fall. For Ether (ETH), the downward price movement has been a tad bit more drastic, as ETH sinked to $4,145, the lowest point in 30 days.
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On the other hand, not all of the $1.7 billion liquidated positions in this crypto extinction event were upwards, as a few short-sellers also succumbed to considerable losses amidst the erratic price movements.
Literally, a few. Intriguingly, short liquidations count up to just $83 million, while the long positions accounted for $1.61B out of $1.7B, signaling market abnormalities with the bulls getting completely washed away.
Naturally, this harsh market wipe-out has pushed the boundaries of crypto whales, who have contaminated themselves with hefty sell-offs. For Ethereum (ETH), the Chaikin Money Flow (CMF) flashed -0.18, while XRP coin’s distribution was slightly softer, but still prevalent at -0.09.
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To begin with, XRP (Ripple’s token) and ETH (Ethereum) prices crashed suddenly, by roughly 6% in 24 hours. Consequently, this triggered over $1.5 billion in market liquidations in just 24 hours. In short, it was a massive shock for over-leveraged traders.
In essence, a liquidation is like a forced sale. For instance, if you borrow money to bet big on crypto prices rising (using leverage), but instead they plummet, the exchange automatically sells your assets to cover the loan. As a result, your position gets wiped out—fast.
Bitcoin’s 3% dip started the domino effect, hitting smaller coins harder. Leveraged “long” bets (betting on rises) got crushed, plus broader market jitters from things like ETF flows and Fed rate vibes.
$1.7B gone in a day, with 400,000+ traders affected. ETH got hit the hardest (~$200M liquidated), followed by Ripple’s XRP coin and others like Dogecoin. It’s the biggest wipeout in months.
Don’t panic—crypto’s volatile, but dips often rebound. If you’re new, start small, learn basics, and avoid leverage. Analysts see potential rallies ahead, but always DYOR (do your own research).
