Bitcoin broke the $100,000 mark, but its rise was short-lived as the price fell. Altcoins experienced even more significant drops.
Bitcoin Dynamics
Bitcoin recently surpassed the psychological barrier of $100,000 thanks to new purchases by MicroStrategy. However, the cryptocurrency failed to maintain this level, dropping to $97,160 shortly after peaking during the Asian session. Bears took control of the market thereafter.
Altcoin Decline
Altcoins came under even greater pressure. Ethereum fell by 7% and dropped below the $3,500 mark. XRP and SOL also reported losses, closing below $2.3 and $210, respectively. Cryptocurrencies such as DOGE, SUI, AVAX, and many others experienced declines of up to 11%.
Impact on Traders
The rise in volatility negatively affected traders with high leverage. Approximately 130,000 market participants suffered losses totaling $390 million over the day. The largest liquidated position was recorded on Binance and amounted to $12 million.
Recent events in the crypto market highlight the high level of volatility, emphasizing the need for a cautious approach in investing and trading digital assets.
