Bitcoin Drops $6K In Hours Amid $1.4 Billion Liquidations: Crypto Market Shaken

Bitcoin plunge below $100,000 led to a rapid $6,000 decline, triggering $1.4 billion in liquidations. Altcoins followed with steep losses, highlighting market volatility.

Bitcoin experienced a dramatic turn of events as its price plummeted by $6,000 within hours, following a brief rally past the $100,000 milestone. The sudden drop, which left the cryptocurrency trading near $94,300 at one point, was accompanied by $1.4 billion in liquidations, sending shockwaves through the market.

Shortly after surpassing the psychological barrier of $100,000, Bitcoin’s value began to falter, slipping to $98,000. Bears then seized control, propelling the asset to a multi-day low of $94,300. It has since rebounded slightly, stabilizing at around $97,000, but concerns remain high, especially for over-leveraged traders.

The broader cryptocurrency market mirrored Bitcoin’s volatility. Major altcoins, including WIF, TIA, FIL, APT, and LTC, recorded double-digit declines. The largest liquidation involved Ethereum (ETH), amounting to nearly $20 million, further underlining the scale of the upheaval.

The overall crypto market capitalization tumbled from $3.750 trillion to below $3.5 trillion during the sell-off, before recovering slightly to $3.610 trillion.

The episode highlights the heightened volatility and risks in the cryptocurrency market, particularly as traders navigate these turbulent times.

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