Over 350,000 Liquidations! Crypto Market Plunges, Panic Selling Hits Hard

TradingKey — The cryptocurrency market has taken a sharp downturn again, leading to more than 350,000 liquidations, with panic selling intensifying.

On Tuesday (September 23), cryptocurrencies broadly fell, triggering massive liquidations. In the past 24 hours, over 350,000 positions were liquidated across the market, amounting to a staggering $1.45 billion — surpassing the $1.4 billion wiped out during the March 2020 crash.

Market Liquidation Data, Source: Coinglass

In the past 24 hours, Bitcoin dropped by 1.52%, dipping below $112,000; Ethereum fell nearly 3%, approaching the $2,000 mark; Ripple declined by about 1%, reaching $2.80; and Binance Coin plummeted by almost 5%, breaching the $1,000 threshold.

Top 10 Cryptocurrencies Price Changes, Source: CoinMarketCap

Currently, most major cryptocurrencies are nearing their early September lows, erasing the gains spurred by the Fed's rate cuts. The market sentiment index has fallen back to 40, with panic again sweeping through the crypto market. Investor confidence is severely shaken, but this could also signal the beginning of a potential market rebound.