Over the past 24 hours, over $1 billion worth of crypto futures were liquidated as the market decline intensified on Sunday and continued into Monday.
Of the liquidations, over $902 million were long positions and $147 million were short positions.
This collapse was aided by speculation of Jump Trading exiting its crypto operations.
Bitcoin futures saw liquidations of over $350 million, and Ethereum futures saw liquidations of over $340 million.
More than 200,000 traders faced liquidations, with the largest single order worth $27 million on the Huobi exchange for BTC/USD trading. Data revealed that 87% of affected traders had long positions, betting on a price increase.
BTC saw a collapse of over 16% over the past day, falling below $50,000 briefly, while ETH dropped by up to 25% before a minor recovery.
The sharp decline triggered a “fear” signal on the crypto fear and greed index, which hit its lowest point since early July. This index assesses volatility, prices, and social media sentiment to gauge market emotions, showing potential lows when fear prevails and highs when greed dominates.
Semler Scientific has quietly built up a sizable Bitcoin position, acquiring 111 BTC between mid-February and late April for a total of $10 million.
Momentum is building around Solana (SOL), with some market watchers suggesting it could soon surpass Ethereum (ETH) in performance if the crypto market heats up again.
Arkansas City has officially canceled its planned crypto mining project following intense opposition from residents and key stakeholders.
A closely watched crypto analyst, known as InvestAnswers, believes that while Bitcoin (BTC) remains in a clear uptrend, Solana (SOL) is positioned to outperform the leading cryptocurrency.