The CEO of Bybit: The recent correction led to the liquidation of $10 billion from the crypto market.

The CEO and co-founder of the cryptocurrency exchange Bybit, Ben Zhou, stated in a tweet posted on his personal account on Monday that his estimates for the volume of liquidations observed in the cryptocurrency market during the recent correction may have exceeded 10 billion dollars. Ben Zhou explained that this followed the sharp decline experienced by many leading altcoins, including Ethereum, which is the second-largest cryptocurrency in the market by market capitalization, noting that the losses came in double-digit figures and adding that the actual figures could be five times the estimated losses. The CEO of the cryptocurrency exchange noted that this decline came amid the cryptocurrency market continuing to be affected by the first round of tariffs imposed by U.S. President Donald Trump, alongside a reevaluation of the Indian government's stance on cryptocurrencies amid a global regulatory shift. According to estimated data from CoinGlass, more than 2.24 billion dollars were liquidated from the cryptocurrency market today alone, within just 24 hours, following Trump's announcement of tariffs on China after his administration had imposed higher tariffs on Canada and Mexico, and Trump's readiness to impose tariffs on the European Union and the United Kingdom.