Crypto Wipeout Hits $20B: Man Says It’s ‘Worst Liquidation Event’ in History

A record-shattering sell-off has left a mark on the cryptocurrency market, wiping out over $20 billion in value and prompting one of the biggest liquidations ever seen. Jonathan Man, portfolio manager at Bitwise Multi-Strategy Alpha Fund, described this event as the worst liquidation event in crypto history. Bitcoin alone dropped 13% within an hour, while smaller cryptocurrencies saw even steeper drops. Some exchanges saw assets plummet to near zero value before recovering, highlighting the fragile liquidity conditions that unfolded during the panic.