Bitcoin crashed through the psychological $60,000 barrier in the past 24 hours, hitting an intraday low of $59,141 — a decline of roughly 7.1%. Ethereum suffered an even heavier blow, plunging over 10% to a low of $1,543, nearly halving from its yearly high. According to Coinglass, total liquidations across all exchanges reached $1.829 billion in 24 hours, with 347,462 traders forced out of leveraged positions. Long positions accounted for 79.6% of the wipeout, at $1.457 billion.
Major Altcoins Follow the Freefall
Other high-cap cryptocurrencies joined the rout. Solana (SOL) fell 7.3% to around $66, XRP dropped 5.8% to $1.12, and BNB held up slightly better but still lost 2% to $574. The total crypto market capitalization has shrunk about 48% from its peak, now standing at $2.46 trillion.
$1.8B Liquidated with Single Largest Order at $13.3M
The largest single liquidation occurred on Binance's BTCUSDT pair, valued at $13.3164 million. Short-position liquidations totaled $372 million. The cascade of margin calls hit more than 347,000 traders across platforms, amplifying the sell-off.
Multiple Catalysts Converge
The selloff was triggered by a confluence of negative factors. Escalating Iran-U.S. tensions pushed oil prices higher, stoking inflation fears and pushing back expectations for Fed rate cuts. Strategy (formerly MicroStrategy) sold 32 bitcoins (worth about $2.5 million) in late May — its first disposal in nearly four years, shaking market confidence despite the modest size. Spot Bitcoin ETFs continued to see net outflows, while whales trimmed their holdings. The S&P 500 fell 1.65% on the same day, with cross-asset selling adding to the panic.