$BTC The cryptocurrency market experienced a sharp decline today, January 7, 2024, with Bitcoin (BTC) leading the way. The sell-off has sparked massive liquidations, wiping out hundreds of millions of dollars in a matter of hours.

$293 Million Wiped in Hours

Bitcoin, the largest cryptocurrency, has fallen more than 5%, falling from $102,060 to $96,865 in just a few hours. According to data from Coinglass, the drop resulted in $293 million in liquidations, with more than 90% of these losses coming from long positions. More than $266 million in long positions were wiped out, compared to $25.7 million in short liquidations.