Crypto Market Slumps Amid $1 Billion in Liquidations

Crypto traders saw $942.1 million in leveraged positions liquidated over the past 24 hours, with long positions accounting for 91.6% of the total.

Market Impact

Total crypto market capitalization dropped 4.96% in 24 hours to $2.76 trillion, per BeInCrypto Markets data.

Liquidation Tally

Ethereum Longs Paid the Steepest Price in the Crypto Liquidation Sweep Ethereum (ETH) dropped 5.31% over the past 24 hours to $2,373.87. Bitcoin (BTC) fell 2.54% over the same period to $81,328.

Crypto Liquidations Heatmap

Source: Coinglass

Market Response

Much of the selling hit in a short window. Binance handled 53.7% of all liquidations. The exchange also hosted the largest single order, a $12.03 million BTCUSDT long closed at $80,208.96.

Beyond Crypto

The sell-off extended to Asian equities on Thursday. South Korea’s KOSPI fell 7.85% to 5,537.15 by late morning. Japan’s Nikkei 225 dropped 4.81% to 64,489.06.

Economic Context

The slide traced back to Wednesday’s hotter-than-expected US inflation report. The Consumer Price Index (CPI) rose 3.7% in the 12 months through September, BeInCrypto reported. That marked an increase from 3.4% in August. Core CPI, which excludes food and energy, climbed to 2.6% from 2.4%.