Bybit's CEO, Ben Zhou, reported that the recent crypto market correction has potentially led to liquidations exceeding $10 billion, significantly higher than past figures. On February 3, data revealed that Bybit alone accounted for over $2.1 billion of these liquidations within 24 hours. Zhou estimated that the true total could be around $8 billion to $10 billion. This substantial liquidation event coincided with growing macroeconomic concerns following an executive order impacting imports from China, Canada, and Mexico, as noted in remarks from the White House. The scale of the market's downturn has raised alarm within the crypto community, suggesting volatility driven by external economic factors.

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