Bitcoin Down 7%, Ethereum, XRP, Dogecoin, Shiba Inu Plunge Over 10% As $1.48 Billion Liquidation Tsunami Hits

The cryptocurrency market faced a sharp downturn over the past 24 hours, with Bitcoin (CRYPTO: BTC) dropping to a low of $87,115 before stabilizing at $88,850, marking a 7% decline.

Ethereum (CRYPTO: ETH) saw an even steeper drop of 10%, trading at $2,420.

Major altcoins also suffered losses, with Solana (CRYPTO: SOL) down 15%, Dogecoin (CRYPTO: DOGE) losing 14%, and Shiba Inu (CRYPTO: SHIB) and XRP (CRYPTO: XRP) falling by 10%.

The sell-off resulted in $1.48 billion in liquidations, with $1.37 billion coming from long positions, according to data from Coinglass.

In a note sent to Benzinga, Dr. Sean Dawson, head of research at Derive.xyz, contextualized the …

Full story available on Benzinga.com