Crypto Market Crash Deepens Amid $1 Billion in Liquidations and PCE Data Fears

The crypto market crash has intensified as $1 billion in liquidations hit Bitcoin, Ethereum, and XRP. According to CoinGlass data, a total of $1 billion worth of crypto liquidations occurred over the past 24 hours, with 176,530 traders impacted.

The losses were primarily attributable to long positions valued at $780.05 million. Meanwhile, short liquidations valued at $220.54 million. Bitcoin led the liquidation wave with $415.83 million liquidated during today's crash, followed by Ethereum with $230.31 million and XRP traders losing $14.22 million.

The Bitcoin options market on Deribit is set to expire around $10 billion in contracts on Friday amid the crypto market crash. Traders may have to make adjustments to their positions or increase their downside hedging activity as prices are now well below several strike levels.