Billions Wiped Out as Volatility Shakes the Market
According to CoinGlass data, nearly $19.38 billion worth of positions were liquidated within 24 hours. Bitcoin accounted for $5.38 billion, while altcoins contributed a staggering $14 billion to the total. Coinbase director Conor Grogan described the event as the “worst altcoin flash crash” he has ever witnessed.
Despite the chaos, XRP remained among the top five cryptocurrencies, holding a market capitalization of about $146.73 billion. However, the token was still trading in red, down 14% in 24 hours and 19% weekly at $2.44.
Besides, the intense volatility also affected several stablecoins. Ethena’s USDE, BNSOL, and WBETH briefly lost their pegs, triggering forced liquidations across trading platforms. Ripple’s USD stablecoin, RLUSD, faced its first real market test since launching in December 2024 but maintained its peg amid the turmoil.
Meanwhile, XRPL dUNL validator Vet reassured the XRP community, emphasizing that “XRP and the XRP Ledger aren’t going anywhere.” He noted that volatility remains an unavoidable part of crypto’s long‑term evolution.
Friday’s trading session underscored the fragile nature of the crypto market and the speed at which sentiment can shift. While some assets showed signs of recovery, investor caution remains high following one of the most severe liquidation events in recent months.