BItcoin Price Rebounds Above $98K, Following Biggest Crypto Liquidation Event in History

Key Points

• Despite CoinGlass data showing $2.34 billion in 24-hour liquidations, the real amount is bigger.
• Bitcoin price rebounded above $98,000, following the recent market sell-off.

Despite a huge sell-off in the crypto market, Bitcoin price is racing above $98,000, after dipping earlier to $92,000 levels.

Bitcoin Trades Above $98,000

At the moment of writing this article, BTC is trading above $98,000, seeing a sharp price rally.

Earlier today, BTC dipped to $92,000 levels and now it debuted a price rally from around $94,000 to current levels above $98,000, seeing a 2% surge in under an hour.

BTC price in USD today

The latest liquidation event might have represented a good opportunity for some entities to buy the dip, while, at the same time, new reports via X announced that President Trump’s Crypto Czar, David Sacks will host a press conference tomorrow on securing America’s leadership in the crypto ecosystem – a move that brings renewed optimism in the industry.

Also, according to NYT , Mexico’s president said that new US tariffs on Mexico will be suspended for a month starting today following new agreements with Trump.

Trump’s tariffs were the main catalyst of recent crypto liquidations.

Real Crypto Liquidations Potentially Surpass $8-$10 Billion

While CoinGlass data shows that the 24-hour crypto liquidations are around $2.35 billion, with $1.91 billion in long positions and over $438 million in shorts, the real numbers could be much higher, according to the latest reports.

CoinGlass data

Bybit’s CEO, Ben Zhou, said in a post via X earlier today, that the real crypto liquidations exceed the officially listed amounts, reaching levels between $8 billion to $10 billion.

Ben Zhou via X

He said that Bybit’s 24-hour liquidations alone were around $2.1 billion, although CoinGlass data showed the liquidations somewhere around $333 million.

Ben Zhou via X – CoinGlass data

He explained that the exchange has an API limitation on how many feeds are pushed out per second, and other exchanges reportedly practice the same to limit liquidation data.

Bybit official data

So, the data revealed by CoinGlass is not the real data regarding crypto liquidations as also reported by The Kobeissi Letter.

The team highlighted once again that the crypto industry witnessed its biggest liquidation event in history. Most digital assets dropped between 20-30% last night. Now, XRP is still down by 15%, SOL, by 12%, and DOGE by 18%.

However, Bitcoin price rebounded following a sharp drop earlier today, fueled by optimism about the future.