Crypto Market Rocked by $700 Million Liquidations as Over 220,000 Traders Suffer Losses in 24 Hours

Crypto Market Rocked by $700 Million Liquidations as Over 220,000 Traders Suffer Losses in 24 HoursThe cryptocurrency market experienced a violent shakeup in the past 24 hours, resulting in significant losses for investors. Bitcoin, after briefly surpassing the $80,000 mark, plummeted by almost $2,000 before rallying back by $3,000 to break through $81,000, only to subsequently dive again

Crypto Market Rocked by $700 Million Liquidations as Over 220,000 Traders Suffer Losses in 24 Hours

The cryptocurrency market experienced a violent shakeup in the past 24 hours, resulting in significant losses for investors. Bitcoin, after briefly surpassing the $80,000 mark, plummeted by almost $2,000 before rallying back by $3,000 to break through $81,000, only to subsequently dive again. Other cryptocurrencies mirrored this roller coaster behavior, with Dogecoin surging and then quickly retreating but still maintaining a roughly 25% daily gain as of press time.

The high leverage prevalent in the cryptocurrency market amplified the losses during this day of intense buying and selling pressure. According to data from Coinglass, over 220,000 traders were liquidated within the last 24 hours, with a total of nearly $700 million lost.

This volatility is closely tied to recent market events. Following President Trumps election victory and the Federal Reserves interest rate cut, a surge of capital flowed into the cryptocurrency market. Bitcoin spot ETFs witnessed continuous net inflows, with $622 million on November 6th, $1.36 billion on the 7th, and $292 million on the 8th. Ethereum spot ETFs also exhibited consecutive net inflows, totaling $52.3 million, $79.7 million, and $85.9 million, respectively.

Data indicates the overall cryptocurrency market cap has surpassed $2.9 trillion, while the 24-hour trading volume reached $243.741 billion. BTC holds a 54.9% market dominance, followed by ETH at 13.4%.

Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, previously predicted a Bitcoin price of $125,000 by the end of this year and $200,000 by the end of 2025 following Trumps election victory. Kendrick believes Trumps previous commitments towards cryptocurrencies, which include dismissing SEC Chair Gary Gensler, establishing a national strategic Bitcoin reserve, and transforming the United States into a Bitcoin superpower, will significantly benefit the market, driving Bitcoins surge.

Despite these potential bullish factors, the cryptocurrency market remains susceptible to substantial volatility in the short term. The high leverage and intense shifts in market sentiment could lead to dramatic price fluctuations. Investors should exercise caution and prioritize risk management.