Crypto Market Flash Crash Wipes Out $500M in Long Positions

The crypto market witnessed a sudden and intense sell-off on major exchanges, resulting in $500 million worth of long positions being liquidated within an hour. This flash crash pushed total 24-hour liquidations towards $1.82 billion.

The sharp decline was most pronounced for XRP, which fell by 37%, followed closely by Solana at 11.5% and Ethereum at 5%. Bitcoin, the largest cryptocurrency, dropped by 2.5% during this period.

Major exchanges like Binance saw a significant portion of these liquidations, primarily involving leveraged long positions. This highlights the risks associated with high leverage trading in the crypto market.