Just shy of half a billion dollars worth of liquidations swept the crypto market on Thursday, amid a broadly red week for the industry.
The global cryptocurrency market has slipped 2.2% over the past 24 hours, according to CoinGecko, with IP blockchain Story as the biggest loser, down 27%.
As a result, $442 million worth of crypto liquidations have been recorded over the past 24 hours—$377 million of which were long positions.
Ethereum accounts for the lion's share of the the liquidations at just over $180 million, according to CoinGlass, thanks to its 4.2% dip on the day and 12.9% drop over the past week. Bitcoin has also contributed $63 million in liquidations, despite just a 1.4% daily drop.
Outside of the two big hitters, liquidations are spread across the market. Solana has prompted $34.8 million in daily liquidations after dropping 5.1% on the day. Emerging decentralized exchange Aster has caused $13 million in liquidations, thanks to its sizable 13.5% daily dive.
Despite that, Aster is one of the few top 100 coins that has had a green week, according to CoinGecko, with just four non-stablecoin cryptocurrencies posting a weekly green candle.
Macro drivers
On a macro level, an analyst from crypto exchange Bitunix said in a note shared with Decrypt, that President Trump's attendance at the United Nations’ General Assembly on Tuesday should have been bullish for risk assets like crypto.
Politico reported that Trump told Arab and Muslim leaders that he would not allow Israel to annex the Palestinian West Bank—which some Israeli ministers are currently pushing for. The analyst said this, combined with global powers recognizing Palestine’s statehood, could offer a “brief cooling-off window for geopolitics.”
“This development signals a more cautious U.S. stance on Middle East issues, which may boost risk appetite in the short term, but geopolitical uncertainty will persist,” the Bitunix analyst explained. “However, investors should keep focus on the Fed’s rate policy and U.S. labor data, which remain the key drivers for medium- to long-term capital flows.”
It appears that any temporary confidence has yet to filter through to crypto markets, with most top cryptocurrencies in the red.
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