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The crypto market tanked over 6% on Friday, as nearly $1.7 billion worth of leveraged crypto positions were wiped out. Summary Over $1.7 billion in leveraged crypto positions were liquidated in the past 24 hours. Crypto investors reacted to a number of geopolitical tailwinds and concerns around Microsoft’s Q2 earnings report.  According to data from CoinGlass, the crypto market experienced the liquidation of $1.71 billion worth of leveraged positions in the past 24 hours. The majority of this wipeout came from long positions, which accounted for nearly $1.59 billion of the total. The scale of the event is more startling, as over $909 million of the liquidations occurred in the first 12 hours alone. More than 275,000 traders bore the brunt of the volatility, with the largest single liquidation order coming from the crypto exchange HTX, where a trader lost a position worth $80.57 million. Liquidation occurs when a trader has insufficient funds to keep a leveraged position open in a volatile market. When the majority of liquidations are triggered from long positions, they tend to exacerbate selling pressure and drive prices down further. In this instance, crypto investors reacted to a number of geopolitical shocks.  Bitcoin (BTC) has dropped to a 9-month low of around $81,300 as it tanked nearly 8% over the day. Ethereum (ETH), XRP (XRP), Solana (SOL), and other large-cap cryptocurrencies fell 5-7% as the total crypto market cap declined by nearly 6% to $2.9 trillion, marking one of the sharpest single-day declines since the Oct. 10 liquidation event. The most immediate trigger for today’s liquidations is the increasing odds of U.S. President Donald Trump appointing Kevin Warsh as the next Federal Reserve Chair. Data from prediction market Polymarket shows that Warsh’s odds surged to 94% on Friday morning, up from just 32% seen yesterday. Warsh,…

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Filed under: News - @ January 30, 2026 9:29 am