Bitcoin Crashes Below $75,000 – Almost $1.4 Billion Were Liquidated From the Market

The crypto market has taken a hit, with a dramatic drop in Bitcoin's value dragging down several major tokens.

In just 24 hours, Bitcoin slipped to around $74,700, while XRP and Solana (SOL) both plummeted by approximately 20%. The rapid decline triggered widespread liquidations, wiping out more than $1.2 billion in leveraged long positions.

The sudden crash caught many investors off guard, especially those who had bet heavily on rising prices. Data from CoinGlass indicates that long positions were particularly affected, making up nearly 86% of the total liquidations. Bitcoin investors alone lost over $467 million, while Ethereum (ETH) bulls saw around $390 million evaporate. XRP and Solana futures also faced significant losses, amounting to $140 million combined.

This wave of liquidations marked a stark reversal from expectations that April would bring a bullish trend. Instead, Bitcoin’s price dipped below $75,000, with Ethereum also tumbling by 15% to around $1,430.

READ MORE:

panshibi-pool-111

Altcoins faced even steeper declines: Solana fell 18%, XRP dropped 21%, and Dogecoin (DOGE) lost 19% of its value. Binance Coin (BNB) managed to fare slightly better, but still declined by 11%. Latest data shows that mid-cap and smaller tokens also took a hit, with losses ranging from 10% to 20%.

The crypto sell-off coincided with a broader market downturn driven by concerns over U.S. trade policy. As the Trump administration pushed forward with new tariffs, fears of an escalating trade war sent shockwaves through global markets. U.S. stock index futures fell nearly 5%, reflecting investor anxiety. Hedge fund manager Bill Ackman warned of severe economic repercussions, suggesting that the U.S. might be on the brink of an “economic nuclear war.”

Some traders remain hopeful, viewing the dip as a potential buying opportunity if Bitcoin can stabilize. However, with sentiment still shaky and the impact of economic uncertainty looming large, many crypto bulls are approaching the market with caution, wary of further volatility.

Alexander Stefanov