Breaking Crypto Market Downturn Forces Nearly $2 Billion in Liquidations

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In Brief
  • Cryptocurrency traders lost almost $1.9 billion due to liquidations today.

  • Bitcoin saw a new all-time high but was rejected soon after.

  • The cryptocurrency market cap saw a $1 billion decline after its respective all-time high.

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After Bitcoin climbed to a new all-time high just under $50,000 on Feb. 14, a sharp correction caused problems for many optimistic crypto traders.



According to CoinGecko data, Bitcoin made another new all-time high of $49,531 in the late hours of Feb. 14. With the magical $50,000 milestone closer than ever, excited crypto traders went in heavy on long positions.

The market had other plans, however. As Bitcoin fell back to a local low of under $46,000 in the early hours of Feb. 15, the entire crypto market cap saw $1 billion wiped away.



This downturn acted to liquidate many over-leveraged long positions. Data from Bybt is showing that in the last 24 hours, $1.89 billion in losses were incurred.

Cryptocurrency Liquidations Data from Bybt

Bitcoin and Ethereum made up the bulk of the liquidations as per usual, totaling over $9 million between the two.

It also seems that XRP traders were caught off guard. XRP had been steadily climbing its way back up after losing 50% following the announcement of an SEC lawsuit against Ripple Labs. Traders lost nearly $100 million betting on a continued revival.

Other notable losses include EOS, Litecoin (LTC), and Cardano (ADA), all of which have enjoyed recent spikes to multi-year highs. Each saw more than $50 million in liquidated losses.

This marks the third-highest figure for liquidations since the beginning of 2021. On Jan. 10, long traders were squeezed for $2.5 billion after Bitcoin fell from $41,000 to $30,000. This was also on the same day that Ethereum fell from a then-all-time-high of $1,350 back to $900.

It appears that the bleeding has paused for the time being. At the time of press, Bitcoin had recovered slightly and is back to trading at the $47,400 level.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Kyle migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. He began trading and writing about cryptocurrencies in 2016, and has been an avid investor in stocks and precious metals since his teens.

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