$2B Crypto Wipeout: Bitcoin, Ethereum Prices Crushed
The cryptocurrency market saw a sharp wave of forced liquidations on January 31, as accelerating downside pressure triggered a broad derivatives wipeout across major exchanges.
Total crypto liquidations exceeded $2 billion within 24 hours, marking one of the largest deleveraging events of the year. The majority of wiped positions were leveraged longs, caught offside as prices broke through key technical levels.
The sudden unwind erased tens of billions of dollars from the total crypto market capitalization, which dropped more than 7% intraday before stabilizing. The rapid decline underscored how quickly sentiment can shift in a highly leveraged environment.
Bitcoin and Ethereum Lead the Liquidation Cascade
Bitcoin and Ethereum accounted for…
