The cryptocurrency market saw one of its biggest selloffs today, wiping out $1.54 billion in leveraged positions as Bitcoin, Ethereum, Solana, and XRP prices tumbled. Meanwhile, the crash erased nearly $64 billion from the global market as its market cap fell to $2.71 trillion, triggered primarily by a major security breach and hack on Binance
Binance Hack Triggers $1.54 billion in Liquidations
According to CoinGlass, 237,314 traders were liquidated over the past 24 hours, wiping out a total of $1.54 billion in positions. Traders betting on higher prices suffered the biggest losses, with $1.29 billion in forced closures, accounting for 83.8% of total liquidations.
Meanwhile, short traders also faced heavy liquidations, losing $252.83 million, or around 16.5% of total liquidations. Binance recorded $754.6 million in liquidations, accounting for 49.2% of the market-wide total.
The selloff followed Binance’s reported security breach, which the exchange estimated affected around $6.3 billion in assets.
Meanwhile, Binance pledged to cover the losses and temporarily suspended deposits and withdrawals while conducting security checks.
Bitcoin, ETH, SOL, XRP Traders Take the Biggest Hit
Bitcoin recorded the highest liquidations, with $498.92 million in positions closed. Long positions accounted for 81.2% of those losses as the price fell below key psychological levels.
Ethereum followed with $359.41 million in liquidations, 84.6% of which came from long positions. Together, Bitcoin and Ether accounted for more than half of all forced closures.
Meanwhile, Solana traders lost another $82.75 million, while XRP liquidations reached $38.46 million.
Other major losses included Hyperliquid at $31.71 million, Zcash at $25.21 million, and BNB at $23.42 million.
The price decline added to the pressure. Bitcoin dropped to $76,460 before recovering toward $78,500. Ether briefly fell below $2,200 and later traded near $2,240. Solana touched $98, while XRP dropped to $1.26.
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