Bitcoin recently rejected the coveted $100,000 level, causing the asset to significantly drop, plummeting about $6,000 within a few hours.
Altcoins followed closely behind, with most experiencing significant losses, including double-digit price drops for WIF, TIA, FIL, APT, LTC, and others.
Shortly after Market Watch from CryptoPotato began this morning, BTC actually started a rally and surged above $100,000. However, this was brief, and the asset almost immediately fell below it.
In the following hours, it lost a substantial amount and stabilized at $98,000, then bears were able to take full control of the market and drive a significant drop just minutes ago.
During this time, BTC's price plummeted £4,000 in about an hour, dropping to a multi-day low of $94,300 (on Bitstamp). It quickly rebounded successfully and is now close to $97,000, but the situation is quite concerning for over-leveraged traders.
CoinGlass data shows that the total value of liquidated positions soared to nearly $1.5 billion in the past 24 hours. Moreover, in just the past hour, this figure approached $900 million. Over 500,000 market participants faced losses in the last day.
As mentioned above, altcoins are also experiencing similar volatility, with many large liquidations occurring in the past 24 hours. In fact, the largest single liquidation involved ETH, valued at nearly $20 million.
As of the time of writing, the total cryptocurrency market capitalization fell from $3.750 trillion to below $3.5 trillion, then recovered to $3.610 trillion.