Crypto markets dump over $1 billion in leveraged positions as Bitcoin (BTC) sheds 10% of its value

The crypto market is reeling from a brutal wave of liquidations. Over $1 billion in leveraged positions have vanished in the last 24 hours

The crypto market is grappling with a wave of liquidations, wiping out over $1 billion in leveraged positions in the last 24 hours, according to data from Coinglass.

The liquidations hit traders across major exchanges hard. Bitcoin (BTC) alone saw $396.16 million in positions liquidated, while ether (ETH) saw $209.58 million evaporate. Solana’s (SOL) liquidations reached $70.55 million. Even meme coins weren’t spared, with Dogecoin (DOGE) seeing over $20 million wiped out.

Crypto market erases gains as CME futures gaps, thinning liquidity spark selloffs

Bitcoin fell below $84,000 on Wednesday, erasing gains made earlier this week as the crypto market bled through a 10% slump in 24 hours.

Bitcoin fell as low as $82,467.24 before stabilizing slightly above $83k. The world’s leading cryptocurrency was last changing hands at $83,342.53, down 9.46%.

The tumble reversed Bitcoin’s rally past $95,000 earlier this week, sparked by optimism over President Donald Trump’s pro-crypto moves.

The crypto market saw a broader selloff, with ether plunging 15% to $2,089.

Solana, XRP cratered 20%, 18% respectively

Among altcoins, Solana slid 20% after a brief recovery above $40. The seventh-largest cryptocurrency was last changing hands at $33.22.

XRP followed closely with a 18% drop, sliding to $0.7232.

Cardano fell 25% to $0.7998 as a majority of the other altcoins saw triple-digit percentage drops.

Shiba Inu and Pepe Coin dropped 13% and 18%, respectively. Sonic (S) and Trump-backed tokens saw drops of 23% to 25%. It seems the high-risk corner of the market saw fear push traders to make swift exits.

Notably, the crypto market saw a broader slump, with the global crypto market cap tumbling 10% to $2.76 trillion.

What is causing the crypto market to drop?

Investors are blaming CME futures gaps and thinning liquidity for the sudden crypto market drop.

Analysts see liquidity gaps and leveraged bets going awry as key drivers of the market downturn.

Trump’s talk of a strategic crypto reserve couldn’t shield the market from broader economic tremors; the selloff has erased gains sparked by optimism over President Donald Trump’s pro-crypto moves.

The selloff comes as Trump announced plans for a U.S. crypto market regulator and said he’d consider creating a strategic crypto reserve.

However, Trump’s statement that Canada and Mexico have no intention of cooperating in a trade deal to reduce the U.S. deficit sparked a selloff in the market.

The selloff saw major cryptocurrencies come face-to-face with crucial support levels. Any slip could open the door for further declines, especially with pessimistic traders now anticipating more selloffs.

The statement comes after Trump announced plans to introduce 25% tariffs on all goods imported from Canada and Mexico in response to ongoing disputes over migration and drug trafficking.

Canada and Mexico supply a third of U.S. goods, and the tariffs threaten to dampen economic growth and stoke inflation.

The move sparked selloffs in American stocks, with the Dow Jones falling 650 points. The VIX index also jumped to 22, signaling rising market panic.

Historically, cryptocurrencies have struggled when fear dominates and pushes investors to the sidelines.

Bitcoin Pepe emerges as a haven for crypto investors amid market rout

Amid this crypto market chaos, Bitcoin Pepe stands out as a unique contender.

Pitched as the “World’s Only Bitcoin Meme ICO,” the project aims to build a Meme Layer-2 for Bitcoin, promising instant transactions and ultra-low fees. Its PEP-20 standard will allow users to launch memecoins on Bitcoin’s blockchain.

Unlike the currently bleeding altcoins and memecoins, Bitcoin Pepe is still in its presale stages, which are structured to ensure the price rises with each presale stage progression.

The presale is gaining traction despite the market rout. Currently in stage 5 of 30, the presale has raised $3,690,133. The current price is $0.0255 and is set to rise to $0.0268 in the next stage.

The project’s smart contract has already been audited by SolidProof, offering a glimmer of credibility in a sea of uncertainty.

Interested investors can connect their wallets and buy in, betting on its vision of “