Chicago, IL – The cryptocurrency market saw a sudden and dramatic collapse Friday late afternoon, erasing more than $250 billion in market value within hours and leaving traders stunned.
According to data from Watcher.Guru, over $3 trillion in leveraged positions were liquidated in just 60 minutes, triggering one of the steepest intraday drops in recent months. Bitcoin tumbled over 11%, falling below $108,000, while Ethereum sank more than 10% to around $4,100.
Other major tokens, including Solana (-9.8%), XRP (-10.8%), and Cardano (-10.4%), also plunged sharply as panic spread across exchanges. Charts turned red across the board, with social media flooded by posts asking what triggered the crash.
Analysts believe the sudden wipeout may have been fueled by a mass liquidation of leveraged positions, potentially tied to ETF speculation and broader risk-off sentiment in global markets. Some investors called it a “leverage purge,” while others saw it as a short-term buying window before markets stabilize.
As of Friday evening, trading volumes remained high and volatility extreme. Experts warn traders to brace for continued turbulence over the weekend.
