Bitcoin Price Drop Triggers Nearly $1 Billion in Liquidations

The cryptocurrency market faced liquidations nearing $1 billion in 24 hours, primarily triggered by Bitcoin's price drop below $100,000. This decline sparked fears of market instability.

Liquidation Details

406,000 traders sold nearly $1.2 billion in assets.
Long positions incurred losses of $920 million compared to $260 million from shorts.
Altcoins like Ether, Cardano, and Dogecoin also fell in value alongside Bitcoin.

Impact on Altcoins

XRP experienced a significant price drop, raising concerns about market stability.
Traders expressed uncertainty regarding future momentum amid bearish trends.

Market Sentiment

Panic selling heightened due to fears of further losses.
Recent corrections echo the rapid sell-offs seen in 2021.
Analysts advise caution and monitoring of market indicators.

Bitcoin's Record High

On a different note, Bitcoin reached a record high above $109,000 during Asian trading hours, attributed to comments made by Donald Trump regarding its performance and the US stock market.