$100 billion crypto sell-off hits traders, $320 million worth of long ETH positions liquidate

Crypto traders lost hundreds of millions of dollars on Sunday after a major dip in Bitcoin and Ethereum.

The crypto market lost more than $100 billion in value on 22 June amid global geopolitical uncertainty.

Crypto traders who took long bets on Bitcoin, Ethereum, XRP and Solana were hit hard by the dip as they collectively lost more than $600 million in long positions.

Ethereum’s 10% price dip liquidated more than $320 million worth of long positions. Bitcoin came at the second spot with long traders losing more than $270 million. Solana and XRP came at the third and fourth spot with long liquidations of $40 million and $30 million, respectively, according to data published by Coinglass.

Amid rising geopolitical tensions, the crypto market suffered a major sell-off over the weekend. Bitcoin, the world’s largest cryptocurrency dropped below $100,000 for the first time since May.

Ethereum was hit the hardest among major cryptocurrencies, shedding more than $25 billion from its market cap within the last 24 hours.