Bitcoin’s Price Drop Below $100k Sends Shockwaves Through Crypto Market

After a brief peak above $100,000, Bitcoin (BTC) has experienced a rapid rejection, resulting in a drop of about six thousand dollars in just a few hours. This movement has pushed the crypto market into a downward spiral.

Altcoins Follow the Trend

The altcoins have also taken heavy hits. Coins such as WIF, TIA, FIL, APT, and LTC have seen double price drops, highlighting the breadth of the market correction.

Market Dynamics and Liquidations

• Bitcoin’s price action: After the peak, BTC quickly dropped to $98,000 and then fell further to a multi-day low of $94,300 on Bitstamp. Although there was a small recovery movement to $97,000, the situation remains uncertain, especially for traders with high leverage.
• Liquidations: According to CoinGlass, the past 24 hours have seen nearly $1.5 billion in liquidations, with a peak of nearly $900 million in the last hour. This has affected more than 500,000 market participants.
• Altcoin impact: The biggest loser in terms of liquidation was ETH, with a certain trader being liquidated for almost $20 million.

Market Capitalization Impact

The total market capitalization of cryptocurrencies has dropped from $3.75 trillion to below $3.5 trillion, before somewhat recovering to $3.610 trillion. These movements illustrate the volatility and risk associated with crypto investments, especially in a market so sensitive to price rejections at key levels like the $100,000 for Bitcoin.