President Donald Trump\u2019s highly anticipated crypto reserve announcement and the White House Crypto Summit have fallen flat, failing to ignite a crypto market rally. The global crypto space is currently navigating a bearish period with the total market cap slipping to $2.73 trillion, down by 3.09%. This week begins by witnessing a steep crypto market crash, with top cryptocurrencies facing $685 million liquidation.<\/p>\n
What Drives the Current Crypto Market Crash?<\/h2>\n
According to Matrixport<\/a>, the perpetual futures funding rates remain low, with the crypto market failing to attract significant gains despite the much-anticipated Bitcoin reserve adoption and the White House Crypto Summit. The current market sentiment reveals a notable absence of enthusiasm from retail investors, marking a stark contrast to the heightened funding rates observed in April and December 2024.<\/p>\n Despite high expectations, Trump\u2019s executive order<\/a> on the Bitcoin reserve failed to invoke a significant rally in Bitcoin\u2019s price. The highly anticipated crypto summit also concluded without making any significant waves in the crypto market. Instead, these moves preceded a crypto market crash, with top cryptocurrencies falling severely.<\/p>\n Notably, the crypto market has begun the week on a bleak note, with a huge wave of liquidations totaling $685 million in the past 24 hours. This massive sell-off was primarily triggered by Bitcoin\u2019s plummet below $80k. This rapid sell-off intensified the crypto market crash, creating a ripple effect throughout the cryptocurrency ecosystem.<\/p>\n Significantly, Bitcoin was leading the liquidation frenzy, with a staggering $270.75 million in positions being wiped out. According to CryptoQuant data, Bitcoin\u2019s long liquidations skyrocketed to 14,714 yesterday, marking a significant spike in forced sell-offs.<\/p>\n In addition to Bitcoin, other major cryptocurrencies also suffered significant losses. Ethereum (ETH) saw$123.55 million in positions wiped out over the past 24 hours. Meanwhile, XRP and Solana (SOL) also experienced substantial liquidations, with $32.31 million and $28.79 million in positions respectively being forced to close.<\/p>\n A whale, holding 65,675 ETH (worth $135.8 million) on Maker, is at risk of liquidation due to the crypto market crash. In addition, Donald Trump\u2019s World Liberty Financial suffered<\/a> a significant loss of a $110 million. In addition, Donald Trump\u2019s personal crypto portfolio has taken a significant hit, with its value plummeting by 13%.<\/p>\n While many whales are struggling in the current crypto market downturn, one savvy trader has defied the trend. According to Lookonchain data, this whale has successfully shorted Bitcoin multiple times during recent price drops. This helped them gain an impressive unrealized profit of over $7.5 million. The trader\u2019s strategy remains aggressive, with new short positions set between $92,449 and $92,636. They\u2019ve also placed limit orders to take profits between $70,475 and $74,192, indicating a potential exit strategy.<\/p>\n \u2713 Share:<\/p>\n$685M Liquidated: Crypto Market Crash Intensifies<\/b><\/span><\/h2>\n<\/div>\n
Whales Suffer the Market Correction<\/h2>\n
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