Bloody Market: Bitcoin Liquidation Losses Hit $318M as Crypto Market Crashes Below $2.7 Trillion in 24 Hours!

The crypto market plunged, dragging its total value under $2.7 trillion as major coins hit multi-month lows. This sharp decline caused massive Bitcoin liquidation losses, impacting hundreds of thousands of traders. Investors panicked, fearing economic instability and uncertain trade policies. Global market struggles added pressure, intensifying selling activity across digital assets. Now, investors are focusing on upcoming events that might shift market sentiment. 

Bitcoin Crashes Below $77K—Is the Bull Market Over?

In the last 24 hours, the crypto market’s capitalization has tanked and gone under $2.7 trillion. Meanwhile, the two biggest cryptocurrencies have crashed to their lowest levels unseen in months. With this current market trend, some investors are doubting that this market cycle is a bullish one. Based on Coingecko’s data today, Bitcoin briefly crashed as low as $76,784.16. This marks a new low in months, as the last time BTC traded under $77,000 was in November of 2024. Since then, Bitcoin’s price has recovered, trading at nearly $81,000 now.

Chart 1- Provided by Coingecko, published in Coingecko, March 11, 2025.

Ethereum also experienced a sharp fall, reaching a low of $1,791.23. This marks ETH’s lowest price in more than one year. Based on Chart 1, the last time Ethereum traded under $1,800 was in the Oct of 2023. Other big altcoins, such as XRP, Solana, and Cardano, also saw a decline. ADA saw an 8% fall, while SOL’s value declined by 7%. Lastly, XRP’s 4% showed the least losses.

Mass Liquidations Shake Crypto Market: Who Lost the Most?

The crypto market downturn continues, as many long positions have been liquidated. More than  330,000 traders lost their positions and were liquidated in the past 24 hours, according to Cponglass’s data. This led to $950 million of liquidations. The biggest contributors to this significant loss were BTC, ETH, and SOL. Bitcoin liquidation losses reached $318 million, while ETH had $250 million, and SOL accounted for $50 million of the total. Based on Bybit data, the biggest liquidation recorded was for BTC/USDT, where a $5.26 million position was liquidated.

Recession Concerns Rise as Trump’s Tariff Take Effect

One of the main causes of this drop was Trump’s interview with FOX News over the weekend. In the interview, the US president talked about his aggressive tariff policy. In this interview, Trump was asked about the possibility of a recession, and the US president only deflected the question. This has raised further alarms among investors. These tariffs, which have gone into effect and sometimes withdrawn, are on goods from Canada, China, European countries, and Mexico. As the trade war continues, the fear of global economic decline is making investors avoid risky assets.

As the economic turmoil continues, the US economy and the stock market have also been hit hard. The US dollar index is in decline, and today, the stock market has seen losses in trillions this month. With more economic and global events happening, crypto investors hope to see an improvement in the crypto market downturn. For example, the current peace negotiations between Russia and Ukraine can lead to decreased pressure in the markets. Or the upcoming Federal Reserve’s FOMC meeting, which could drastically change the market sentiment.

Market Rebound or Further Decline? Key Factors to Watch

Any progress in financial policies could shift momentum in favor of recovery. Short-term chaos and volatility likely continue to linger, with Bitcoin and Ethereum potentially testing lower support levels if negativity prevails. However, economic stabilization or favorable policy shifts could spark a strong rebound. Risk management remains crucial, preventing excessive losses from overleveraged positions.