Jonathan Gray
The crypto market saw massive liquidations of approximately $888 million (₱51.5 billion) over the past 24 hours. Bitcoin (BTC) led with $308.64 million liquidated, followed by Ethereum (ETH) at $258.12 million. Major altcoins like Solana (SOL) and XRP also saw significant liquidations of $44.18 million and $29.12 million.
The global financial markets are also reeling today, with stocks and commodities plummeting as fears of a trade war grip investors.
Quick Take delivers key facts fast—concise, clear, and easy to read. Perfect for busy readers.
Liquidation Breakdown:
- Total Traders Affected: 288,449
- Largest Single Liquidation: $16.38 million BTC trade on Bitfinex
- Long Positions: Dominated losses with $756.07 million in liquidations
- Short Positions: Accounted for $132.31 million
Exchange Impact
- Bybit: $78.04 million (82.04% Long positions)
- Binance: $48.69 million (55.17% Long positions)
- Gate.io: $34.86 million (85.75% Long positions)
- OKX: $21.33 million (61.47% Long positions)
- HTX: $9.31 million (73.39% Long positions)
- Bitfinex: $3.44 million (99.51% Long positions)
- CoinEx: $2.65 million (86.89% Long positions)
- Bitmex: $1.03 million (94.94% Long positions)
Global Market Context
Today’s massive crypto liquidation coincides with severe global market stress triggered by escalating trade war fears. (Read more: Tariffs: What Is It and How Will It Affect Crypto Adoption?)
U.S. President Donald Trump’s 10% global tariffs have sparked retaliatory tariffs from China. This prompted widespread investor panic and market declines:
- S&P 500 Futures: Fell 4.8% overnight
- Dow Futures: Plunged 1,700 points
- Nasdaq Futures: Dropped 5.3%
- Nikkei Futures: New reports are suggesting that trading is temporarily halted after hitting a circuit breaker following an 8.5% decline
The key catalyst identified is Trump’s “Liberation Day” tariffs, which impose a 10% levy on imports from all countries, which began Saturday.
- The policy has sparked retaliation, with China announcing a 34% tariff on U.S. goods effective April 10, alongside export bans on rare earths.
- Trump called the market rout “medicine” for long-term gains
What is Circuit Breaker?
A circuit breaker is an emergency measure that temporarily halts trading when significant market drops occur.
- For example, U.S. markets trigger circuit breakers at drops of 7%, 13%, and 20% from the previous day’s closing price. Trading will be paused for 15 minutes or even for the entire day.
This is a developing story published on BitPinas: Quick Take: Nearly $900M Crypto Liquidations Amid Global Market Turmoil
What else is happening in Crypto Philippines and beyond?
