In the past 24 hours, the sudden dip of Bitcoin from its 2023 high has resulted in hundreds of millions of dollars worth of crypto assets being liquidated. Coinglass, a market intelligence firm, reports that nearly $140 million worth of digital assets were liquidated from major crypto exchange platforms.

Binance, the world's largest crypto exchange platform, saw $48 million worth of derivatives contracts being expelled, while Seychelles-based crypto exchange OKX saw just over $46 million worth of long and short positions liquidated.

The dip in BTC's price and spike in liquidation activity comes as the new ADP report greatly exceeded expectations, prompting market fears of further interest rate hikes.