On March 3, the crypto market experienced a significant rollercoaster ride. After President Donald Trump announced plans to build a crypto reserve, the market surged by $350 billion. However, the gains quickly reversed, leading to one of the worst sell-offs of 2025. This caused confusion and chaos among derivative market traders, resulting in over $1 billion in leveraged positions being liquidated. Around 300k traders were liquidated in the last 24 hours, with the majority of liquidations being long bets. The crypto market cap dropped by 8% to $2.77 trillion, and Bitcoin alone recorded $370 million worth of liquidations. Ki Young Ju, CEO at CryptoQuant, believes the Bitcoin market will remain slow until sentiment in the US improves. Top altcoins also suffered significant drops, and the broader risk-off shift in global markets affected stocks as well.



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