Liquidations in the crypto market in the past 24 hours surged past $800 million following a steep drop in crypto prices heading into the new week.
According to data from CoinGlass, about $874.79 million was liquidated. Bullish bets that prices would rise took the biggest hit, accounting for over $788 million of the amount liquidated in the market throughout the past 24-hour cycle.
Long positions for crypto market leaders Bitcoin (BTC) and Ethereum (ETH) made up the lion’s share of the amount. More than $233 million was wiped out from bullish bets for Bitcoin, while another $155.82 million was liquidated from ETH longs.
The balance between long and short positions has seemingly levelled off in the past hour. In the last 60 minutes, $1.01 million was liquidated from long positions. Meanwhile, liquidations tied to shorts came in slightly higher at around $1.94 million.
Crypto Market Cap Sheds Over $100 Billion
BTC experienced a fair amount of volatility in the past 24 hours. After reaching an intraday high of $95,491.51, the largest crypto by market cap plummeted to as low as $92,089.25. It has since recovered to trade at $93,137 at the time of writing.
Even with that recovery, the price of Bitcoin is down more than 2% in the past 24 hours.
The rest of the top 10 largest digital assets followed BTC’s lead. Leading the 24-hour losses among the crypto majors are Dogecoin (DOGE), Cardano (ADA), and Solana (SOL).
Meme coin DOGE suffered a more than 6% correction, while ADA and SOL both saw their prices drop over 5% during the same period.
Following the recent downturn, the digital asset market’s capitalization has fallen over 2% to stand at around $3.14 trillion. This marks around a $100 billion drop from yesterday.
Risk-Off Sentiment Deepens as Geopolitical Tensions Rise
The broader crypto market downturn comes amid fresh macro uncertainty following a sharp escalation in US–Europe trade tensions.
Over the weekend, President Donald Trump announced plans to impose 10% tariffs starting Feb. 1 on imports from several European countries, including France, Germany, Denmark, Sweden, the Netherlands, and Finland as part of a wider dispute tied to Greenland negotiations. The rate is set to rise to 25% by June if no agreement is reached.
Trump’s tariff threat also explicitly included the United Kingdom and Norway among countries that could face higher US levies.
European officials responded swiftly. French President Emmanuel Macron called for the activation of the EU’s “anti-coercion instrument,” often described as a “trade bazooka,” which could restrict US access to European markets. The bloc is also weighing up €93 billion (about $108 billion) in previously delayed retaliatory tariffs.
The renewed trade tensions have added to the risk-off tone in global markets, amplifying volatility across equities and digital assets as investors weigh the potential fallout from a prolonged US-EU tariff confrontation.
For the digital asset market specifically, sentiment has been fearful for the past couple of weeks as cryptos struggle to recover from the Oct. 10 liquidation event. The Crypto Fear & Greed Index shows sentiment is in “Fear” territory of 44/100. While this is an improvement from the mid-20 scores seen in recent weeks, it is a 5-point drop from yesterday’s reading.
The growing macroeconomic uncertainty and increased fears of a global trade war saw the prices of gold and silver soar to record highs.