Bitcoin Price Rejection Leads to $100 Billion Crypto Market Cap Loss, 90,000 Traders Liquidated.
The inability of Bitcoin (BTC) to surpass its all-time high triggered a sharp decline, causing the primary cryptocurrency to slump below $69,000. The downtrend also negatively impacted altcoins, exacerbating losses for over-leveraged traders, with over 90,000 liquidated in the past day.
Bitcoin had surged to $73,600 earlier in the week, likely driven by significant net inflows into US-based spot Bitcoin ETFs. However, a retracement to $72,000 preceded a rapid decline to below $69,000. The cryptocurrency has somewhat recovered but remains under $70,000.
Altcoins experienced more substantial losses, with Ethereum (ETH) and Solana (SOL) plummeting by 5% each, while meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) plunged by 7.5% and 6.2%, respectively. The cumulative crypto market cap fell approximately $100 billion and now stands below $2.450 trillion.
Increased volatility led to over $280 million in liquidated positions, with the single-largest being $11 million on Binance, according to CoinGlass.
Bitcoin’s reversal after approaching an all-time high reflects market uncertainty, impacting investors and altcoins alike. The present market environment highlights the importance of exercising caution in cryptocurrency investments.
Key Points:
* Bitcoin declined to below $69,000 after failing to surpass its all-time high.
* Altcoins including Ethereum, Solana, Dogecoin, and Shiba Inu incurred substantial losses.
* The cumulative crypto market cap dropped by approximately $100 billion.
* Over-leveraged traders suffered liquidations totaling over $280 million.
* Crypto market volatility emphasizes the need for investor caution.