The price of Bitcoin (BTC) dropped below $100,000 after experiencing a 6.4% decline in the last 24 hours, currently trading at $97,000. This fall came after reaching a low of $96,233 before attempting a recovery. Cryptocurrency derivatives saw massive liquidations worth nearly $1.2 billion during this period, according to CoinGlass data.
Major altcoins also suffered sharp corrections, with the overall crypto market cap falling by 9% to $3.63 trillion. Ethereum (ETH), Solana (SOL), Chainlink (LINK), and Dogecoin (DOGE) were among the top 20 cryptos by market cap that experienced significant declines ranging from 10% to 18%. These drops are believed to be related to Federal Reserve Chairman Jerome Powell’s statements regarding US interest rates and the potential government shutdown.
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