• It’s been a tough 24 hours for the crypto market, with over $600 million in liquidations.
• Bitcoin took a tumble below $80,000, leading the pack in liquidations at $232 million.
• And it wasn’t just Bitcoin; other popular cryptos like XRP, Solana, and meme coins like DOGE also felt the downturn.

Things aren’t looking so hot in the crypto world right now, despite what some might have been expecting. In the last day or so, the cryptocurrency market has seen a whopping $600 million vanish in liquidations. Leading the charge in this shake-up is Bitcoin, with a massive $232 million in liquidations, followed by Ethereum at $111 million.

This might surprise some, especially since Donald Trump just held his crypto summit a few days ago. Many thought the buzz around that event would give cryptocurrencies, particularly Bitcoin, a nice little lift.

Speaking of Bitcoin, it actually dipped below $80,000. This price drop probably triggered even more folks to sell off their holdings.

Altcoins Also Hit Hard

It wasn’t just the big names feeling the heat. Other cryptocurrencies also took a hit. Ethereum, for example, experienced significant losses, even falling under the $2,000 mark. XRP and Solana weren’t spared either, with XRP liquidations around $32 million and Solana’s slightly less at $28 million.

Even meme coins got caught in the downdraft. Fan-favorite DOGE, for instance, saw a 12% drop.

Related: Altcoin Purge: Can Crypto ETFs Save Strong Projects from Market Crash?

Markus Thielen, CEO of market advisory firm 10x Research, pointed out that when Bitcoin’s price slipped below $80,000, about 70% of the selling came from people who’d bought in just the last three months. This kind of action strongly suggests we’re seeing panic selling.

Potential Reasons for the Crash

Pinpointing the exact cause is tricky, but it’s likely a mix of things working against the market. Let’s not forget, the crypto market is still a financial market, and just like any other, it’s vulnerable to various outside pressures that affect the broader financial world.

Trump’s ongoing trade disagreements with Canada and Mexico could be playing a role, as investors often pull back from riskier assets like crypto when uncertainty rises. Adding to this, the US government’s new restrictions on crypto exchanges and stablecoins could be fueling investor unease, leading them to sell before any potential rules tighten further.

Related: Crypto Market Crash: Bitcoin Dumps as Trump’s “Strategic Reserve” Backfires

Market Resilience

Whatever the reason behind this, a liquidation event of this size can definitely dent market confidence. However, it’s worth remembering that the crypto market has weathered similar storms before and has always found a way to bounce back. So, while caution is definitely wise right now, the crypto story is far from over.