Crypto traders betting on higher prices just got crushed. A broad selloff in Bitcoin, ether and XRP triggered roughly $1.5 billion in forced liquidations over 24 hours, as fallout from the suspected $6 billion Binance hack rattled digital asset markets, according to CoinDesk.
Bitcoin (Credits: CoinDesk)
Bitcoin Liquidations Hit $468M as BTC Drops Toward $76,000
Bitcoin fell more than 3% to around $77,400 on Friday morning, briefly dropping toward $76,000, per CoinDesk’s markets desk. Ether, BNB, XRP and Solana posted slightly larger percentage declines, with ether trading below $2,250 and XRP near $1.25.
The forced liquidations hit leveraged futures traders hardest. Total market-wide liquidations stood at about $1.5 billion, with long positions — bets that prices would rise — absorbing the vast majority of the losses. Bitcoin accounted for roughly $468 million in liquidations, followed by ether at $358 million, according to CoinGlass data cited by CoinDesk.
Binance Security Incident Sparks $1.5B Liquidation Wave
Binance said Thursday that a security incident had affected roughly $6.3 billion worth of crypto assets — surpassing the record $1.5 billion Bybit hack of 2025. The exchange pledged to cover losses and suspended deposits and withdrawals while conducting security checks. Tether CEO Paolo Ardoino said the company froze more than $1.567 billion in USDT linked to the incident.
Analysts note the market was already fragile: Bitcoin had dropped below $80,000 on October 29 as tech stocks weakened and the Federal Reserve’s hawkish stance weighed on risk appetite, CoinDesk’s markets desk reported.
Source: CoinDesk — read the full story there.
