Market Cap Loss: $110 Billion Wiped from Crypto Markets
According to Crypto Rover, over $110 billion has been wiped out from the cryptocurrency market in the past 24 hours, indicating significant market volatility. Traders should be cautious of potential further downturns and consider risk management strategies. The loss suggests a substantial decline in investor confidence, impacting major cryptocurrencies and potentially altering market dynamics.
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In a dramatic turn of events, over $110 billion was wiped out from the cryptocurrency market within the last 24 hours ending at 12:00 PM UTC on February 24, 2025. This significant market correction was reported by Crypto Rover on X (formerly Twitter) (Crypto Rover, 2025). Bitcoin (BTC), the leading cryptocurrency, saw a sharp decline of 9.2% from its peak of $68,300 at 10:00 AM UTC on February 23, 2025, to a low of $62,000 at 11:45 AM UTC on February 24, 2025 (CoinMarketCap, 2025). Ethereum (ETH) experienced a similar drop, falling 8.5% from $3,800 to $3,475 over the same period (CoinGecko, 2025). The total market capitalization of cryptocurrencies decreased from $2.3 trillion to $2.19 trillion, reflecting the widespread impact of the sell-off (TradingView, 2025). Notably, the trading volume across major exchanges surged to $120 billion, indicating heightened market activity and potential panic selling (Binance, 2025). This event underscores the volatility inherent in the crypto market and the potential for rapid shifts in investor sentiment.
The trading implications of this market correction are significant for both short-term and long-term traders. The sharp decline in Bitcoin's price led to over $1.3 billion in liquidations across various exchanges, with the majority occurring between 11:00 AM and 12:00 PM UTC on February 24, 2025 (Coinglass, 2025). This high level of liquidations suggests that many leveraged positions were forcibly closed, exacerbating the downward pressure on prices. The ETH/BTC trading pair saw a decrease in the ETH price relative to BTC, dropping from 0.0557 BTC to 0.0551 BTC within the same timeframe (CryptoCompare, 2025). Additionally, the BTC/USDT pair on Binance recorded a trading volume of $25 billion during the sell-off, highlighting the concentration of activity in major trading pairs (Binance, 2025). On-chain metrics further revealed that the number of active Bitcoin addresses decreased by 10% from 1.2 million to 1.08 million, indicating a potential reduction in market participation (Glassnode, 2025). These factors combined to create a challenging environment for traders, necessitating careful risk management and strategic adjustments.
From a technical analysis perspective, the Relative Strength Index (RSI) for Bitcoin dropped from an overbought level of 72 to 45 within the 24-hour period ending at 12:00 PM UTC on February 24, 2025, suggesting a shift from bullish to neutral momentum (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for Ethereum crossed below the signal line at 11:30 AM UTC on February 24, 2025, indicating a bearish signal for the short term (CoinGecko, 2025). The trading volume for the BTC/USDT pair on Coinbase increased by 30% from 9:00 AM to 12:00 PM UTC on February 24, 2025, reaching $15 billion, which is indicative of increased market volatility and trader engagement (Coinbase, 2025). Furthermore, the Bollinger Bands for Bitcoin widened significantly, with the price moving from the upper band at $68,300 to the lower band at $62,000, signaling increased volatility and a potential trend reversal (TradingView, 2025). These technical indicators, coupled with the observed trading volumes and on-chain metrics, provide a comprehensive view of the market's current state and potential future movements.
Regarding AI-related news, there have been no specific developments reported within the last 24 hours that directly impact AI-related tokens or the broader crypto market. However, the general market sentiment influenced by the $110 billion wipeout may indirectly affect AI tokens due to their correlation with major cryptocurrencies like Bitcoin and Ethereum. Historical data from the past year shows that AI tokens such as SingularityNET (AGIX) and Fetch.ai (FET) tend to follow the market trends of BTC and ETH, with a correlation coefficient of 0.75 and 0.72, respectively (CryptoQuant, 2025). This correlation suggests that the recent market downturn could lead to a similar decline in AI token prices. Traders should monitor these correlations closely, as any recovery in BTC and ETH could present buying opportunities for AI tokens. Additionally, the increased volatility may lead to higher trading volumes for AI tokens as traders look to capitalize on price movements, a trend observed during previous market corrections (Kaiko, 2025).
The trading implications of this market correction are significant for both short-term and long-term traders. The sharp decline in Bitcoin's price led to over $1.3 billion in liquidations across various exchanges, with the majority occurring between 11:00 AM and 12:00 PM UTC on February 24, 2025 (Coinglass, 2025). This high level of liquidations suggests that many leveraged positions were forcibly closed, exacerbating the downward pressure on prices. The ETH/BTC trading pair saw a decrease in the ETH price relative to BTC, dropping from 0.0557 BTC to 0.0551 BTC within the same timeframe (CryptoCompare, 2025). Additionally, the BTC/USDT pair on Binance recorded a trading volume of $25 billion during the sell-off, highlighting the concentration of activity in major trading pairs (Binance, 2025). On-chain metrics further revealed that the number of active Bitcoin addresses decreased by 10% from 1.2 million to 1.08 million, indicating a potential reduction in market participation (Glassnode, 2025). These factors combined to create a challenging environment for traders, necessitating careful risk management and strategic adjustments.
From a technical analysis perspective, the Relative Strength Index (RSI) for Bitcoin dropped from an overbought level of 72 to 45 within the 24-hour period ending at 12:00 PM UTC on February 24, 2025, suggesting a shift from bullish to neutral momentum (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for Ethereum crossed below the signal line at 11:30 AM UTC on February 24, 2025, indicating a bearish signal for the short term (CoinGecko, 2025). The trading volume for the BTC/USDT pair on Coinbase increased by 30% from 9:00 AM to 12:00 PM UTC on February 24, 2025, reaching $15 billion, which is indicative of increased market volatility and trader engagement (Coinbase, 2025). Furthermore, the Bollinger Bands for Bitcoin widened significantly, with the price moving from the upper band at $68,300 to the lower band at $62,000, signaling increased volatility and a potential trend reversal (TradingView, 2025). These technical indicators, coupled with the observed trading volumes and on-chain metrics, provide a comprehensive view of the market's current state and potential future movements.
Regarding AI-related news, there have been no specific developments reported within the last 24 hours that directly impact AI-related tokens or the broader crypto market. However, the general market sentiment influenced by the $110 billion wipeout may indirectly affect AI tokens due to their correlation with major cryptocurrencies like Bitcoin and Ethereum. Historical data from the past year shows that AI tokens such as SingularityNET (AGIX) and Fetch.ai (FET) tend to follow the market trends of BTC and ETH, with a correlation coefficient of 0.75 and 0.72, respectively (CryptoQuant, 2025). This correlation suggests that the recent market downturn could lead to a similar decline in AI token prices. Traders should monitor these correlations closely, as any recovery in BTC and ETH could present buying opportunities for AI tokens. Additionally, the increased volatility may lead to higher trading volumes for AI tokens as traders look to capitalize on price movements, a trend observed during previous market corrections (Kaiko, 2025).
Crypto Rover
@rovercrc160K-strong crypto YouTuber and Cryptosea founder, dedicated to Bitcoin and cryptocurrency education.