ChainTech Africa

The cryptocurrency market faced another wave of turbulence as liquidations surged past $1 billion in the past 24 hours, driven by steep declines in major assets including Bitcoin, Ether, and Solana.

Bitcoin led the downturn, retreating sharply after losing key technical support levels. Ether followed with heavy selling pressure, while Solana recorded one of the steepest drops among top altcoins. The rapid losses triggered a cascade of forced liquidations across leveraged positions, amplifying volatility across exchanges.

According to data providers, the bulk of liquidations came from long positions, as traders betting on a rebound were caught off guard by the magnitude of the pullback. Analysts suggest that uncertainty around global macroeconomic conditions, combined with shifting risk sentiment, has weighed heavily on digital asset markets.

“High leverage remains a structural risk in crypto markets,” one analyst noted. “When price swings accelerate, liquidations pile up quickly, leading to sharp, self-reinforcing selloffs.”

The selloff also coincided with broader declines in risk assets, as investors moved cautiously amid concerns over interest rate policy and slowing global growth. While some market participants see the correction as a healthy reset after months of gains, others warn that continued pressure could test investor confidence further.

Despite the turbulence, long-term advocates argue that fundamental interest in blockchain and digital assets remains intact. However, with more than $1 billion wiped out in liquidations in a single day, the near-term outlook for traders remains fragile.