Crypto news today: BTC, ETH and XRP selloff wipes out $1.5 billion in leveraged bets
A $1.53B crypto selloff affected BTC, ETH, and XRP, with 84% of liquidations being long bets. Binance handled nearly half, covering losses from a $6.3B security breach. BTC dropped to $76,460 before rebounding to $78,500, triggering short seller liquidations.
How this was made
The 30-second read
Why it matters
The forced closures of long positions added sell pressure, but the subsequent rebound suggests short covering could provide upside for certain tokens.
Market read
The event highlights systemic risk in leveraged crypto trading and may influence risk management practices across the industry.
What to watch
Liquidity provision by exchanges and the speed of Binance's deposit suspension could mitigate further price drops.
Background
A security breach at Binance triggered a $6.3 billion asset impact, leading to massive forced liquidations across major cryptocurrencies.
Ticker impact
Bitcoin accounted for about $499 million in forced liquidations during the Binance breach selloff.
likely downward pressure as long liquidations increase sell orders
Concrete liquidation figures ($499M) indicate significant market impact.
XRP incurred about $38.1 million in forced liquidations amid the market turmoil.
likely downward pressure from forced long closures
Clear liquidation data ($38.1M) points to bearish impact.
Solana experienced $82.6 million in liquidations during the Binance breach fallout.
likely downward pressure as long liquidations increase supply
Specific liquidation figure ($82.6M) indicates material impact.
Dogecoin faced $18.6 million in forced liquidations as part of the broader crypto selloff.
likely downward pressure from liquidated long positions
Liquidation amount ($18.6M) provides concrete evidence of downside pressure.
Market effects
Increased volatility across the crypto sector may affect leveraged products and exchange revenues.
Asian crypto markets felt immediate pressure from the liquidation wave.
Global crypto sentiment may turn more bearish, influencing cross‑border trading volumes.
Counterpoint
Short sellers may face pressure as the rebound accelerates, potentially creating buying opportunities.
Key entities
- ExchangeBinance
Crypto exchange that suffered a security breach and suspended deposits/withdrawals.
- Data ProviderCoinGlass
Analytics firm reporting the liquidation figures.
