Crypto Market dipped by $800 billion, Traders lost $10 billion
Bybit CEO Ben Zhou predicts that between $8 billion and $10 billion may be spent on cryptocurrency liquidations across exchanges. Zhou claims that his platform alone recorded $2.01 billion despite Coinglass data indicating only $333 million in liquidations over the past 24 hours.
For the first time since January, Bitcoin dropped below $92,000, while Ethereum, Solana, XRP, and other crypto assets posted double-digit declines. During the sell-off, cryptocurrency derivatives exchanges saw liquidations totaling more than $2 billion, according to Coinglass data
The market valuation dipped by at least $800 billion before Monday’s trading session started in London.
Actual cryptocurrency liquidations across markets may be significantly greater than the numbers disclosed by Coinglass. According to the CEO of Bybit, the difference between reported and actual liquidation figures was caused by API restrictions on data feeds.
There are [API] restrictions on the number of feeds that can be sent out in a second. Zhou stated that other crypto exchanges follow suit to restrict liquidation data.
“Bybit will start releasing thorough liquidation data to address these reporting gaps” Zhou continued. “We support openness,” he declared.
The cryptocurrency market posted heavy losses following Trump’s tariff announcement on Saturday.
Trump’s new tariffs could exacerbate inflation. The U.S. Fed maintained interest rates at 4 percent. “Future rate changes will depend on incoming data, labor market trends, and inflation developments”, according to Fed Chair Jerome Powell.
Powell had previously stated that to determine future interest rates, the central bank would evaluate the effects of Trump’s economic policies.
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