Bitcoin Plummets: Over $1 Billion Liquidated as Market Faces Turbulence

Bitcoin Plunges, Over $1 Billion in Liquidations as Market Roils

Bitcoin (BTC) has plummeted in the past 24 hours, reaching its lowest point since January 13. The leading cryptocurrency has lost over $9,000 since last week's peak, dipping below $90,000. This volatility has led to significant liquidations, surpassing $1 billion.

Bitcoin Price Collapse

Bitcoin soared to $99,500 last Friday, driven by positive developments in Coinbase's ongoing legal battle with the SEC. However, the market has since soured.

The weekend saw Bitcoin prices hold steady around $96,000. A modest pullback on Monday brought the price down to $94,000. By Tuesday morning, selling pressure intensified, pushing Bitcoin below $90,000, its lowest level in six weeks.

$1 Billion in Liquidations

The sharp decline in Bitcoin and altcoins has resulted in massive liquidations of leveraged positions. In the past 24 hours, over $1.3 billion in positions have been forcibly closed, with approximately $1.25 billion coming from long positions.

The largest single liquidation occurred on the Binance exchange, reaching $20 million. According to CoinGlass data, over 364,000 investors have had their positions liquidated within the past day.

Altcoin Market Suffers

The altcoin market has also been hit hard, with major coins such as Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL) experiencing double-digit drops. The market turmoil is partly attributed to a major hack at the Bybit exchange, where $1.4 billion was reportedly stolen. This has eroded investor confidence and contributed to the negative market trend.