The top crypto asset Bitcoin (BTC) has dwindled from $105K to $101K on Wednesday, pushing back many bullish projections and liquidating over $503 million in long positions. This liquidation heatwave has passed on to the major-cap altcoins, with Ripple (XRP) & Cardano (ADA) sinking 3.6% each.
Altcoins Swim In Red Sea On China’s $13B Theft Accusations
Now, Ripple’s native token XRP is trading at $2.35, far below the psychologically crucial XRP resistance level of $2.50. For Cardano (ADA), the recent pledge to support SWIFT’s transition to the ISO 20022 messaging standard didn’t shield from a weekly pullback from $0.60 to $0.54, tarnishing key support.
With today’s erratic market behavior, Ripple coin (XRP) bulls got bashed with $10.25 million in long XRP price plays, wiping out over-leveraged positions at a fast pace while short-sellers incurred a $1.37 million cumulative deficit. On Cardano’s side, the bulls took in $2.57M out of 2.71 million liquidations.
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Namely, the broader crypto markets dipped to $3.513 trillion when the Chinese officials accused the United States government (USA) of allegedly stealing $13 billion in Bitcoin (BTC) from the LuBian crypto mining pool. This was reported by Bloomberg at a time, when the two globe’s largest economies are already in friction with each other.
BTC Price Calms After Over-Leveraged Liquidation Knock-Out
For Bitcoin (BTC), the heaviest chunk of mass liquidations came at the price levels of $102,500, while the next sensitive price barrier for Bitcoin’s bulls at $100,420, a price range the flagship asset kept above for the past week, but nearing dangerously close to at the intra-day lows of $101,445.
Presently, real-time data from CoinGlass showcases this to be one of the worst-performing days for the crypto markets since the mid October’s United States tariff hike on China. While today’s pullback to the $101,000 zone for Bitcoin (BTC) is similar in price movement, the $613 million liquidation event can’t be matched with the $19 billion wipe-out of over-sized leveraged positions on BTC & major-caps witnessed between October 11 – 12, 2025.
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The market wiped out all of Monday’s gains in a brutal Wednesday selloff, with total liquidations surging past $613 million—mostly longs getting rekt—as Bitcoin, Ethereum, Solana, and altcoins like XRP & ADA plunged hard during U.S. trading hours.
XRP tanked about 3% after hype around its spot ETF listings on Coinbase and others, testing support around $2.35 amid whale sell-offs and failed breakouts above $2.67, while ADA dipped 2–12% in recent sessions, hovering near $0.54 with overbought signals & profit-taking dragging it down from monthly highs.
While exact per-coin breakdowns aren’t fully detailed in real-time feeds, XRP and ADA were repeatedly called out in the cascade alongside majors like BTC and ETH, contributing heavily to the $400M+ long wipes in just hours—classic leveraged bets unraveling on the downside momentum.
A mix of China stirring drama with Bitcoin theft claims, SoftBank rumors on Nvidia stakes shaking tech ties, and overleveraged bulls getting hunted—exchanges like Binance even accused of delta games to force cascades—turned sentiment sour fast.
Short-term looks cautious with XRP risking deeper drops below $2.35 if supports crack, and ADA needing to hold $0.52 to avoid $0.50 tests—but analysts still eye big rebounds, with XRP cycle targets up to $30 and ADA potentially back to $1+ if ETF inflows and network upgrades kick in.
