Bitcoin slides as 24-hour liquidations hit $865M

Bitcoin Experiences Sharp Pullback

Bitcoin traded near $93,318 after a sharp pullback that pushed total crypto liquidations to $865 million. The move followed renewed trade war headlines that pressured risk assets and lifted volatility. Meanwhile, a separate exchange issue sent Bitcoin to $0 on Paradex, causing liquidations on that venue. The broader market held a weak tone as traders reduced leverage across major pairs. As a result, Bitcoin erased much of its recent weekly advance, and sentiment turned defensive. Even so, spot pricing stabilized around the low $93,000s after the initial drop.

Paradex Suffers Database Migration Issue Leading to $0 Bitcoin Price

Paradex users reported Bitcoin pricing at $0 during overnight trading on the perps platform. The incident followed a database migration problem that affected the chain, explorer, bridge, and API. Shortly after, users flagged liquidations as orders were executed against the faulty price. Paradex identified the issue and initiated recovery procedures to restore a correct chain state. The exchange rolled back the Paradex Chain to a prior block before the maintenance window. Then it force-canceled remaining open orders to reduce further disorder. Paradex later reported that services returned to normal operations after the rollback. The platform also stated that user funds remained safe during the incident. Even so, the glitch added stress to an already volatile session for crypto markets.

Elevated Volatility and Perps Activity in Bitcoin Markets

Perps activity on Paradex remained significant, with DeFi trackers showing about $641 million in open interest. The protocol also processed about $37 billion in volume over the past 30 days. As a result, any major pricing disruption can amplify liquidations quickly. Bitcoin’s technical backdrop stayed mixed after the reversal and quick stabilization. Market participants still pointed to steady spot ETF demand as a structural tailwind. However, short-term flows continued to dominate price swings during the session. Trade risks and policy uncertainty kept volatility high across digital assets and broader markets. Therefore, leveraged positioning carried higher liquidation risk during sudden headline moves. For now, Bitcoin holds a narrow range, yet the market remains sensitive to macro shocks.

Market Reaction and Sentiment