Crypto traders face $571M liquidation wave

• Crypto exchanges liquidated about $571 million in long positions over 24 hours.
• Bitcoin and Ethereum traders accounted for the largest share of the losses.
• The liquidations followed the US Senate’s rejection of the Clarity Act.

Crypto exchanges have liquidated about $571 million in long positions over the past 24 hours.

Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) traders suffered the largest losses as prices fell after the Senate vote.

Short positions accounted for about $100 million of liquidations during the same period.

The $571 million long liquidation total was the highest since August 22, CoinDesk reported, citing CoinGlass.

The Senate rejected a procedural vote on the Digital Asset Market Clarity Act, which required 60 votes to advance.

The failed vote added pressure to crypto markets, with Bitcoin and other major assets falling during the sell-off.

The liquidation wave shows how leveraged crypto positions can amplify losses when prices move sharply against traders.

At the time of reporting, Bitcoin price was $75,821.43.