Crypto Liquidations Near $1 Billion As Bitcoin & Altcoins Bounce Back

The cryptocurrency market has experienced significant liquidations in the past day following the recovery of Bitcoin and other altcoins. The sudden change in fortune comes after a period of bearish sentiment that saw Bitcoin drop to as low as $78,000 at the end of February.

The recent uptick in prices can be attributed to Donald Trump’s announcement of a Crypto Strategic Reserve that includes Bitcoin, Ethereum, XRP, Solana, and Cardano. This news has had a significant impact on trader sentiment, leading to a surge in prices across the board.

Bitcoin and Ethereum have both seen substantial gains, with prices rising by 8% and 6% respectively in the last 24 hours. Other altcoins like XRP, Solana, and Cardano have experienced even stronger rallies, with gains of 17%, 13%, and 48% respectively.

The surge in prices has led to a wave of liquidations on derivatives platforms, totaling $971 million in the past day. Short investors accounted for the majority of these liquidations, representing over 57% of the total. Despite the bullish momentum, long holders also suffered losses due to the pullback.

Bitcoin and Ethereum were the most heavily liquidated symbols, with $353 million and $182 million in liquidations respectively. Overall, the cryptocurrency market has seen a significant increase in volatility in response to Trump’s announcement of the Crypto Strategic Reserve.