The cryptocurrency market has faced one of the most significant downturns in its history, with liquidations exceeding $2.24 billion in the last day.
The Extent of the Fall
Bitcoin's rapid decline to $94,000 and the overall market collapse have led to record losses. This has become one of the most severe sell-offs in cryptocurrency history.
Affected Cryptocurrencies
Ethereum traders suffered the most with $609 million in liquidations. Bitcoin followed with $412 million, while XRP, Dogecoin, and Solana reported liquidations exceeding $85 million.
Market Implications
Bitcoin lost crucial support at $97,000 and is testing $92,000, which may signal further decline. The Altcoin Season Index fell to 38 out of 100, reflecting Bitcoin's dominance and reduced risk appetite among traders.
This downturn has been devastating for many traders. If Bitcoin continues to fall, other cryptocurrencies may face even greater losses.
