The cryptocurrency market has faced yet another downturn as Bitcoin and altcoins continue to express volatility. Recent reports confirm that liquidations for the past hour have exceeded $100M.
With a mixed macro-economic scenario now prevalent, the crypto market could fall further as investors brace for volatility. This could in turn lead to more drop in the prices of top cryptocurrencies.
$100M Liquidated From the Crypto Market
According to an observation by market watcher, WatcherGuru, $100,000,000 has been liquidated from the market over the last 60 minutes.
JUST IN: $100,000,000 liquidated from the cryptocurrency market in the past 60 minutes.
— Watcher.Guru (@WatcherGuru) August 29, 2025
According to Liquidation data by Coinglass, the crypto market has also lost $411.21 million over the last 24 hours. During this period, a total of 125,943 traders were liquidated with the largest liquidation being a BTC-USDT-SWAP worth $4.38M on OKX exchange.
“In the past 24 hours , 125,943 traders were liquidated , the total liquidations comes in at $411.21 million. The largest single liquidation order happened on OKX – BTC-USDT-SWAP value $4.38M,” Coinglass reported.
This surge in crypto liquidations comes as top cryptocurrencies dip. Bitcoin, for instance, is down by 2.97% while Ethereum has dipped 5.65% over the last 24 hours, per CoinMarketCap data. Other top altcoins like XRP, BNB and Solana are down 4.69%, 1.49% and 2.79%, respectively.
What’s Causing the Crypto Market Dip?
The dip across top coins in the crypto market is partially attributed to a recent incident whereby Binance Futures went offline, temporarily. This incident happened between 14:18 and 14:36 UTC+8 with the service going completely offline, as acknowledged by Binance in a post on X.
“We’re aware of an issue affecting Futures UM trading on Binance. All futures trading is temporarily unavailable. Our team is working to resolve this as soon as possible,” Binance wrote.
However, while the issue was resolved an hour later as confirmed in an update, the incident left derivatives market investors out of access for the Futures trading platform which has resulted in volatility. The volatility was also fueled by speculations for a potential market manipulation by the exchange.
Binance has faced market manipulation speculation recently with the most recent one being the sale of ETH tokens worth over $400M just hours ago:
🚨BREAKING:
BINANCE IS DUMPING $ETH FOR MILLIONS EVERY MINUTE
IN THE LAST 4 HOURS, THEY’VE SOLD OVER $400 MILLION IN $ETH
TOTAL MARKET MANIPULATION pic.twitter.com/jOmhk8f3n0
— Wimar.X (@DefiWimar) August 29, 2025
While the downturn in Binance Futures may have contributed to the recent dip, other factors may also be at play. For example, mixed macro indicators may have further contributed to the plunge.
In fact, the market is currently waiting for the release of the US PCE inflation and spending data scheduled for 1:30 UTC. While hotter inflation may not block a September rate cut, it could potentially limit the scope of rate cuts.
