Ben Zhou, Bybit CEO, stated that the Total liquidation experienced by the crypto market yesterday exceeded $2 billion.
Ben reacted to a Cointelegraph tweet explaining that the actual liquidation figures were around $8 billion to $10 billion and not $2 billion as reported.
Ben drew his speculations from Bybit’s liquidation data. He stated that Bybit’s liquidation data stands at around $2 billion already. This does not include liquidations recorded in other exchanges like Binance and Coinbase.
The BYBIT CEO explained that the liquidation Data collected by Coinglass, the leading source of liquidation data, is incomplete and is limited by the limit liquidation data feature on most exchanges.
Coinglass Data pegs the 24-hour liquidation on Bybit at $33 million. Bybit’s CEO disputes this fact, claiming that the 24-hour liquidation on the platform alone stands at $2 billion.
Red Sunday
The cryptocurrency market experienced a significant downturn, primarily influenced by geopolitical developments.
Bitcoin (BTC): The leading cryptocurrency’s price fell below the $100,000 mark, reaching an intraday low of $98,141
Ethereum (ETH): ETH also faced a decline, with its price decreasing by approximately 5.62% during the day.
The bloodbath in the market was a direct result of President Donald Trump’s tariffs on imports from Canada, Mexico, and China.
These tariffs have raised concerns about potential inflation and the possibility of prolonged higher interest rates, leading to a decrease in investor confidence in risk assets, including cryptocurrencies.
The Top 50 altcoins were down yesterday with only the stablecoins maintaining a stable price.
Yesterday was one of the worst days in the crypto space, as many crypto traders lost huge chunks of the money in their portfolios.
Altcoins were the worst hit, recording double-digit drawdowns with Bitcoin and Ethereum also dipping significantly.
At the time of the report, Bitcoin has recovered to $100,273, with Ethereum still down by 6.1%.
