Last week, Bitcoin reached $102K but dropped 6% in 12 hours to hit $95K, with nearly $700M in market liquidations.
Bitcoin Price Trends
Bitcoin continued its decline, returning to five-figure territory by hitting $95K during early Asian trading on Wednesday. The asset had risen 10% over the past week, peaking at $102K on Monday, but most of these gains have been erased.
Liquidations and Causes
In the past 24 hours, over 235,000 traders faced liquidations totaling $695 million, with more than 90% in long positions for both BTC and ETH. The largest liquidation on Binance involved an ETH/USDT position valued at $17.7 million. A steep correction in stocks like Nvidia and Tesla precipitated the crypto downturn. The prevailing view is that a strong dollar and declining US stocks haven't shifted Bitcoin's bull market.
Altcoin Situation
Total crypto market capitalization dropped by 7% to $3.53 trillion, with altcoins bearing the brunt of $225 billion exiting the space. Ethereum suffered an 8% drop, falling below $3,400 and wiping out recent gains. Other altcoins also experienced significant losses, including Dogecoin, Avalanche, Hyperliquid, Pepe, Near Protocol, and Bittensor.
Bitcoin and other cryptocurrencies faced substantial losses influenced by macroeconomic data and global market sentiment. The strengthening dollar and rising US bond yields are creating headwinds for global liquidity and the crypto market.
