Crypto Market Takes a Hit as $566M Liquidated in a Day
Mustafa Mulla22 Feb 20252 min read
The crypto market saw a sharp downturn as $566 million in liquidations wiped out positions within 24 hours. Major altcoins like XRP, Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) dropped into the red, while the global crypto market cap slipped 2% to $3.17 trillion. This sudden crash follows the shocking $1.4 billion Bybit hack, which rattled traders and sparked panic selling.
Bybit Hack Sparks Mass Liquidations
The aftermath of the Bybit security breach led to a major market sell-off, causing widespread liquidations. Data from CoinGlass shows that 151,222 traders were affected, with long positions suffering the most losses.
- Long positions saw $321 million in liquidations
- Short positions accounted for $234 million in losses
- The largest single liquidation happened on Binance with a BTC/USDT trade worth $12.14 million
Bitcoin (BTC) also took a hit, dropping 2% to $96,170. At the same time, BTC’s market dominance slipped 0.47% to 61.09%. Total BTC liquidations reached $133 million, showing the extent of the sell-off.
Altcoins Suffer Bigger Losses
Altcoins saw even steeper declines as the sell-off intensified:
- XRP dropped 3%
- Solana (SOL) fell 3.5%
- Dogecoin (DOGE) declined 4%
- Cardano (ADA) took the biggest hit, losing 5%
- Shiba Inu (SHIB) slipped 2%
With the market cap now at $3.17 trillion, traders are on edge, fearing further losses.
Top Crypto Gainers
Despite the overall market downturn, a few tokens managed to stay in the green:
Bitget Token (BGB):- is the top gainer with a rise of 4.7% hovering around $5.
Maker (MKR):- recorded a gain of 4% trading around $1513.
Ethena (ENA):- is even trading in green with a rise of 3.41%.
Top Crypto Losers
Some tokens took major losses as market pressure mounted:
Jito (JTO):- is among the most losers for the day with a loss of 16.5%.
Berachain (BERA):- another token standing 2nd at most loss with 13.6%.
Stroy (IP):- recorded a drop of 12% and trading around $4.40.
With volatility at a high and security concerns lingering, traders remain cautious. Whether the market stabilizes or faces more losses depends on how quickly confidence returns.
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FAQs
- The $1.4 billion Bybit hack triggered panic, leading to a $566M liquidation as traders rushed to exit positions, causing a 2% market cap drop.
