Despite What Many Expected, the Crypto Market Isn't Doing All That Great at the Moment

Bitcoin is the leader here with $232 million, followed by Ethereum's $111 million liquidation. This may or may not come as a surprise considering Donald Trump's recent crypto summit

The cryptocurrency market experienced massive liquidations in the last 24 hours, exceeding $600 million. Among the affected coins, Bitcoin saw the largest liquidations at $232 million, closely followed by Ethereum at $111 million.

This news comes as Donald Trump’s crypto summit, which took place earlier this week, was expected to bring some hype and positive trends to the crypto market, particularly for Bitcoin.

However, Bitcoin also fell below the crucial $80k level, which likely triggered further sell-offs.

In other cryptocurrency news, several altcoins also suffered significant losses. Ethereum experienced a substantial drop, dipping below the key psychological price point of $2k.

Furthermore, XRP and Solana were among the altcoins that encountered substantial liquidations. XRP liquidations are estimated at around $32 million, while Solana’s liquidations are slightly smaller, at approximately $28 million.

Meme coins also joined the trend, with the most popular coin, DOGE, suffering a 12% decline.

According to Markus Thielen, the chief executive of market advisory company 10x Research, when Bitcoin price dropped below $80k, roughly 70% of the sales originated from those who had bought in the last quarter. These actions very likely indicate panic selling.

The crypto market is known for its volatility, and such a large-scale liquidation event can significantly dampen market sentiment. However, it’s also worth noting that the crypto market has encountered similar events in the past and has always managed to recover.

Therefore, it’s crucial to approach any market rumors or potential moves with a healthy dose of skepticism and to rely on trustworthy and verified sources for financial and investment information.