Sunog Na Naman! Crypto Liquidations Surge Past $682M as Bitcoin Falls Below $101K

The cryptocurrency market faced a wave of liquidations totaling $682.08M over the past 24 hours, affecting 241,068 traders worldwide. Bitcoin led the losses, dropping nearly 5% to $101K, while altcoins like XRP, Cardano (ADA), and Litecoin (LTC) plunged around 10%.

The largest single liquidation—an ETH position worth $4.07M—occurred on Binance.

In crypto, liquidation happens when a trader’s margin account fails to meet maintenance requirements, forcing exchanges to close positions to recover funds.

Photo for the Article - Sunog Na Naman! Crypto Liquidations Surge Past $682M as Bitcoin Falls Below $101K

What’s happening: This sell-off and liquidation spree coincides with the Federal Reserve’s decision to cut its benchmark interest rate by 25 basis points to the 4.25%-4.50% range, its third rate cut this year.

Despite the reduction, Fed Chair Jerome Powell delivered a hawkish message, which means a slower pace of cuts ahead due to persistent inflation pressures.
Fed’s inflation forecast for 2025 rose to 2.5% from 2.1% in September.

Immediate market reactions:

Bitcoin dropped from $104K to $101K during Powell’s press conference, as per Coindesk.
- At the time of this writing, Bitcoin further dropped to around $100,500.
Altcoins experienced even sharper declines: XRP, Cardano, and Litecoin each lost around 10% over the past 24 hours.
The S&P 500 fell to session lows, reflecting concerns about tightening financial conditions.

The numbers (Coinglass Data):

Liquidations by asset:
- Bitcoin (BTC): $172.90M
- Ethereum (ETH): $133.63M
- XRP: $102.50M
- Dogecoin (DOGE): $31.43M
- Solana (SOL): $25.67M
Liquidations by time frame:
- 1 hour: $34.88M
- 4 hours: $316.73M
- 12 hours: $505.88M
- 24 hours: $682.08M
Liquidations by position type:
- Long positions: $585.83M
- Short positions: $96.25M