Just a day earlier, BTC was priced at $62,700, and ETH was trading at $2,700. There is still no clear explanation for the sudden decline in prices.
According to CoinGlass, the abrupt drop in cryptocurrency prices triggered liquidations of leveraged crypto derivatives positions totaling $313 million, marking the largest liquidation since the crash on August 5. Estimated losses for BTC traders reached $95 million, while ETH traders lost more than $100 million.
The decline also affected other cryptocurrencies: BNB lost nearly 4% and is trading at $528, Solana fell by 7% to $146, and XRP dropped by 4% to $0.56. Dogecoin and Tron are trading at $0.098 and $0.158, respectively, losing 6.5% and 2.25%.
Toncoin dropped another 1% in the last 24 hours following the detention of Telegram’s founder Pavel Durov in France. Reports suggest that Durov was arrested in Paris on suspicion of involvement in drug trafficking, distribution of pornography, criminal conspiracy, and other charges, totaling 12 accusations. According to media rumors, Durov could face 20 years or more in prison. His detention came as a surprise to the cryptocurrency community and may have contributed to the recent market fluctuations.