#BinanceAlphaAlert
Why Crypto Plunges Today
Crypto Market Plunges, Bitcoin Leads Liquidations
On January 7th, 2024, a significant cryptocurrency market crash occurred, with Bitcoin (BTC) leading the decline. BTC plummeted by over 5%, dropping from $102,060 to $96,865 within hours. This sharp price drop triggered massive liquidations, reaching a staggering $293 million in just four hours, according to Coinglass.
Long Positions Heavily Impacted
Over 90% of these liquidations originated from long positions, indicating a significant number of traders betting on a price increase were forced to close their positions at a loss.
