Bitcoin experienced a sharp decline in the last 24 hours, hitting its lowest level since January 13. The leading cryptocurrency plummeted more than $9,000 from last week’s peak, falling below $90,000. This volatility led to significant liquidations, with total liquidations surpassing $1 billion.
Bitcoin Price Takes a Hit
Bitcoin had surged to $99,500 last Friday, driven by positive developments in Coinbase’s two-year legal battle with the SEC. However, the market could not maintain this optimism. The weekend remained relatively calm, with Bitcoin prices stabilizing around $96,000. On Monday, a slight pullback saw the price drop to $94,000. By Tuesday morning, selling pressure intensified, pushing Bitcoin below the $90,000 threshold, marking the lowest level in six weeks.
$1 Billion Liquidated
The sharp decline in Bitcoin and other altcoins led to massive liquidations of leveraged positions. In the last 24 hours, over $1.3 billion in positions were forcibly closed, with approximately $1.25 billion coming from long positions. The largest single liquidation occurred on the Binance exchange, amounting to $20 million.
Impact on Cryptocurrency Market
The altcoin market also faced a significant blow, with major coins like Ethereum, Dogecoin, and Solana experiencing double-digit drops. The turmoil in the cryptocurrency market is attributed in part to a major hack at the Bybit exchange, where $1.4 billion was reportedly stolen, undermining investor confidence and contributing to the negative market trend.
The current market situation demonstrates the high volatility of cryptocurrencies, requiring investors to exercise caution. Factors such as internal financial processes and external threats like hacking attacks continue to exert pressure on the market.
