CoinGlass reported liquidations of $93.52 million in ether and $85.93 million in bitcoin
Cryptocurrency markets tumbled on Tuesday, with bitcoin falling 6.2% to $59,504.68 and ether plunging over 8% to $2,457.61, per Coin Metrics. The decline triggered a wave of liquidations, particularly on the Bybit exchange.
CoinGlass reported $93.52 million in ether liquidations and $85.93 million in bitcoin liquidations as investors scrambled to understand the reason behind the dip.
Steven Lubka, from Swan Bitcoin, explained that the selloff was kicked off by a drop in Ethereum’s value, which has been struggling this year. Other analysts consider these moves typical in bull markets.
Additionally, news of a revised federal indictment against former President Donald Trump, a pro-crypto presidential candidate, may have caused some instability, as traders often prefer to sell when things seem uncertain.
Despite the volatility, bitcoin is up 39% for the year, while ether is at a 7% gain.