The crypto market experienced a sharp rebound on March 2, gaining around $330 billion in value after US President Donald Trump confirmed plans for a national crypto reserve.
Data from CoinMarketCap shows that the total market capitalization surged by approximately 10% after Trump’s statement to a high of $3.15 trillion from $2.83 trillion. As of press time, it had slightly retraced to $3.02 trillion.
Meanwhile, this rapid rally came at a cost, triggering over $960 million in liquidations within a day.
According to Coinglass data, short traders betting against price increases bore the brunt of the liquidations, accounting for over $549 million in losses. On the other hand, traders holding long positions also faced heavy setbacks, with liquidations totaling $412 million.
Across assets, traders betting on Bitcoin prices were liquidated for $348 million, while speculators on Ethereum prices lost more than $180 million.
Also, traders speculating on the prices of other digital assets like XRP, Solana, and Cardano suffered losses of more than $220 million during the reporting period.
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