Bybit CEO Ben Zhou Pegs Today’s Liquidation AT $10 BILLION

Ben Zhou, Bybit CEO, acknowledged that the Whole liquidation skilled by the crypto market yesterday exceeded $2 billion. 

Ben reacted to a Cointelegraph tweet explaining that the precise liquidation figures had been round $8 billion to $10 billion and never $2 billion as reported. 

I’m afraid that in the present day actual complete liquidation is much more than $2B, by my estimation it needs to be a minimum of round $8-10b. FYI, Bybit 24hr liquidation alone was $2.1B, As you possibly can see in under screenshot, Bybit 24hr liquidations recorded on Coinglass was round $333m, nonetheless,… https://t.co/4WLkPxTYF4 pic.twitter.com/woTOHQvNkt

— Ben Zhou (@benbybit) February 3, 2025

Ben drew his speculations from Bybit’s liquidation information. He acknowledged that Bybit’s liquidation information stands at round $2 billion already. This doesn’t embody liquidations recorded in different exchanges like Binance and Coinbase. 

The BYBIT CEO defined that the liquidation Information collected by Coinglass, the main supply of liquidation information, is incomplete and is proscribed by the restrict liquidation information characteristic on most exchanges. 

Coinglass Information pegs the 24-hour liquidation on Bybit at $33 million. Bybit’s CEO disputes this truth, claiming that the 24-hour liquidation on the platform alone stands at $2 billion. 

Pink Sunday 

The cryptocurrency market skilled a big downturn, primarily influenced by geopolitical developments.

Bitcoin (BTC): The main cryptocurrency’s worth fell under the $100,000 mark, reaching an intraday low of $98,141

Ethereum (ETH): ETH additionally confronted a decline, with its worth lowering by roughly 5.62% through the day.

The massacre available in the market was a direct results of President Donald Trump’s tariffs on imports from Canada, Mexico, and China.

 These tariffs have raised considerations about potential inflation and the potential of extended larger rates of interest, resulting in a lower in investor confidence in threat belongings, together with cryptocurrencies.

The High 50 altcoins had been down yesterday with solely the stablecoins sustaining a steady worth. 

Yesterday was one of many worst days within the crypto house, as many crypto merchants misplaced enormous chunks of the cash of their portfolios. 

Altcoins had been the worst hit, recording double-digit drawdowns with Bitcoin and Ethereum additionally dipping considerably. 

On the time of the report, Bitcoin has recovered to $100,273, with Ethereum nonetheless down by 6.1%.