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In the past 24 hours, the cryptocurrency market experienced a significant wave of liquidations, totaling more than $588 million. XRP took the lead, with over $69 million in liquidations, followed by Bitcoin, which saw $60 million, and Ethereum at $57.94 million. XRP's price surged to a seven-year high of $2.82 before correcting sharply to $2.56, which caused many traders to lose positions. Bitcoin and Dogecoin also saw substantial price declines, leading to further liquidations.

XRP's volatility was a key driver of the market’s fluctuations. Within a single day, more than $90 million in XRP-related positions were liquidated. Liquidations were almost evenly split between long and short positions, with over $44 million in long positions and around $46 million in short positions wiped out. XRP’s dramatic price movements weren’t limited to just a few traders, as large liquidations in the range of $2.4 million to $2.6 million were also seen on platforms like OKX.

Bitcoin’s drop below the $96,000 mark caused around $81 million in liquidations, and Ethereum experienced $49 million in losses as well. Dogecoin, which is usually less volatile than other cryptocurrencies, saw nearly $22.5 million in liquidations. The market dips appeared to be partially triggered by news of South Korean President Yoon Suk Yeol declaring martial law following a political dispute. The political unrest had an amplified effect on the market, especially on South Korean exchanges like Upbit, where price drops were more severe.

Binance dominated the liquidation scene, with $222 million wiped out, 63% of which came from long positions. OKX and Bybit followed closely behind, with $134 million and $124 million in liquidations, respectively. Small-cap altcoins, such as Hedera and Solana, also contributed to the total, with over $108 million in liquidations from these assets.

While the crypto market has seen some increases, particularly since Trump’s election win, prices have remained largely stagnant in recent days. Bitcoin’s failure to break the $100,000 threshold has frustrated investors, and there are growing concerns that the U.S. government may sell off some of its Bitcoin holdings. Recent transfers of Bitcoin to Coinbase, possibly from the Silk Road liquidation, have fueled speculation. Some experts , including Jason Lowery, argue that selling the government’s Bitcoin would be a significant strategic error.

The past 24 hours have been turbulent for the cryptocurrency market, with significant liquidations across XRP, Bitcoin and Ethereum. Political unrest and concerns about government actions add to the uncertainty, as the market remains in flux with mixed signals and little clear direction.