Crypto Market Loses $670 Billion on CEX Auto Liquidations, Altcoins Crash Intensifies

Bhushan Akolkar
4 hours ago Updated 2 hours ago
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Altcoins see the biggest drop in today's crypto market crash

Highlights

  • U.S. President Donald Trump’s announcement of a 100% triggered one of the biggest crypto market crashes in history.
  • The crash erased an estimated $670 billion in market value, with several altcoins on Binance plunging up to 90%.
  • Arthur Hayes attributed the sell-off to cross-margined collateral liquidations, calling it a potential buying opportunity.

The crypto market has witnessed the biggest single-day crash in history, with more than $19 billion in liquidations, with a staggering 1.6 million traders liquidated in the last 24 hours. The market crash comes after US President Donald Trump imposed a 100% tariff on China, escalating the trade war further. Investors lost a staggering $670 billion in today’s crypto crash amid CEX auto liquidations, as noted by veteran trader Arthur Hayes. Altcoins crash has intensified with reports suggesting that many alts on Binance tanked as much as 90%.

Top altcoins like ETH, BNB, XRP, Solana (SOL), have all corrected 12-20% amid a massive liquidation flushout in the market. While players like DOGE, LINK, and ADA have incurred an even greater loss.

Crypto Market Liquidations Soar to $19 Billion

In one of the largest liquidations in crypto history, more than 1.6 million traders have been liquidated in the last 24 hours, with total liquidations exceeding $19 billion. The previous record dates back to May 2021, when Bitcoin’s crash from $43,000 to $30,000 erased approximately $8.6 billion in leveraged positions in a single day.

The latest wipeout was triggered by Donald Trump’s proposal of a 100% tariff on Chinese goods, which sparked a global risk-off sentiment across markets. Bitcoin price crashed to $105,000, before surging back to $112,000 as of press time. Coinglass reported:

“In the past 24 hours, 1,618,240 traders were liquidated, with a total liquidation amount of $19.13 billion. The actual total is likely much higher, Binance only reports one liquidation order per second”.

Crypto market liquidations top $19 billion in a single day
Crypto market sees largest liquidation in history

The global crypto market saw a sharp sell-off on Friday, erasing as much as $670 billion in market value. This is one of the biggest day losses since the Trump Liberation Day in April.

Altcoins Crash Amid CEX Auto Liquidations, Says Arthur Hayes

BitMEX co-founder Arthur Hayes commented on the recent sharp downturn in the altcoin market. He noted that auto-liquidations on major centralized exchanges (CEXs) were a key driver of the sell-off.

According to Hayes, the forced liquidation of collateral linked to cross-margined positions triggered widespread volatility. This further led to steep declines across several altcoins. Hayes added that opportunistic traders who placed low “stink bids” were able to capitalize on the sudden price drops.

“Remember April this year was a great buying opp for those with steel nerves and spare cash,” wrote Hayes.  Hayes is confident of the Fed easing monetary policy and believes that a major Bitcoin bull run is coming next year in 2026.

Furthermore, amid this massive selloff in the market, users on Binance faced intermittent delays due to heavy load. However, the exchange stated that they had restored the operations a few hours later. In addition to Binance, other major exchanges like Coinbase, Robinhood, and Kraken experienced outages and performance issues during the market crash, with order books freezing and trading apps lagging.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.