Crypto Market Hit by $500 Million Liquidation Tsunami as XRP Plunges 10%

According to data provided by cryptocurrency analytics CoinGlass, $495 million worth of crypto has been liquidated over the past 24 hours.

Long positions account for the vast majority of these liquidations ($382.7 million).

Overall, 197,083 traders were liquidated over the past 24 hours, with the largest liquidation taking place on Binance ($13.24 million).

Binance, OKX, and HTX are in the lead when it comes to liquidated crypto.

The latest string of liquidations amid a significant market correction.

XRP plunged by more than 10% earlier this Sunday before paring some losses. It is still up by nearly 30% over the past week.

Bitcoin, the leading cryptocurrency by market cap, also plunged to the $95,000 level after failing to touch $100,000 on Friday.

As reported by U.Today, Galaxy Digital CEO Mike Novogratz recently warned that corrections were "inevitable." However, he is convinced that Bitcoin will eventually reclaim $100,000.