$220M in Longs Liquidated in 1 Hour as ETH Dips Below $2K and BTC Slides to $72K

The cryptocurrency market faced significant losses as Bitcoin dropped to $72,000, marking a multi-month low, while Ethereum fell below $2,000 for the first time since August 19. XRP also reached a local low at $1.02. These declines followed US President Donald Trump's comments about Iran, which caused Brent and WTI futures to rise over 1% while crypto markets moved in the opposite direction.

Market Decline

Bitcoin's recent downturn began eight days ago when it stood at $81,000 before being rejected and falling to $75,600. The cryptocurrency dipped further to under $75,000 on Friday, briefly recovered to near $76,000 over the weekend, then slipped below $73,000 on Tuesday following a higher-than-expected CPI reading. After attempting recovery to $75,000 yesterday, Bitcoin has since continued its downward trend.

The altcoin sector experienced even more severe losses, with NEAR Protocol plunging nearly 10% to under $3.40. Other major cryptocurrencies including XMR, HYPE, ZEC, DOGE, and SOL also posted significant declines, reflecting the broad-based nature of the market downturn.

Liquidation Surge

The market volatility led to substantial liquidations, with $530 million in total liquidations on a daily scale. Within the past hour alone, $222 million in positions were liquidated, with $217 million coming from long positions. Bitcoin accounted for $92.61 million in liquidated positions, followed by Ethereum with nearly $59 million.

The number of wiped-out traders is close to 110,000, while the single-largest liquidated position took place on Hyperliquid and was worth over $31 million.