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

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As a seasoned crypto investor with battle scars from numerous market corrections and bull runs, I must admit that these recent developments have brought a familiar chill down my spine. With over $1.2 billion in liquidations within 24 hours, it feels like we’ve taken a step back into the turbulent waters of 2018.

Based on information from CoinGlass, approximately $1.2 billion in cryptocurrency has been sold off or forfeited in the last 24 hours.

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

On Binance, the biggest single liquidation event occurred, resulting in a loss of almost $16 million for a particular trader.

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

Today, I witnessed a significant drop in the value of my Bitcoin investment. It dipped as low as $96,682, based on the latest data from CoinGecko. Over the past 24 hours, this cryptocurrency has decreased by almost 7%.

The major alternative cryptocurrencies, including XRP tied to Ripple, are experiencing a significant drop. In fact, XRP has dipped by approximately 10% or more.

In simpler terms, both Dogecoin (DOGE) and Cardano (ADA) have experienced significant decreases, with Dogecoin dropping by approximately 19.4% and Cardano falling around 15.7%.

According to U.Today’s report, the cryptocurrency market showed signs of decline following the US Federal Reserve’s announcement that they plan to tighten monetary policy in 2025, after making a more restrictive (or “hawkish”) interest rate reduction.

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

In simpler terms, U.S. stocks have been experiencing significant stress, as the Dow Jones has recorded its longest series of losses in half a century.

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2024-12-19 23:15