Bitcoin drops to four-month low as liquidations approach $1 billion
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The cryptocurrency market faced significant turmoil as Bitcoin (BTC) dropped sharply to levels unseen since November 2024, dipping briefly below $77,000 before stabilizing around the $80,000 mark. This sharp downturn tested bullish sentiment, resulting in the crypto market’s overall capitalization falling below $2.7 trillion.
Ethereum (ETH) also experienced notable losses, briefly declining under $1,800—a price last recorded at the close of 2023. The downturn extended broadly across the market, affecting other major cryptocurrencies including Ripple (XRP), Cardano (ADA), and Solana (SOL), all of which registered substantial losses.
This pronounced decline triggered widespread liquidations among traders holding leveraged long positions. Data from CoinGlass indicates that approximately 330,000 positions were liquidated within the past 24 hours, amounting to a total of around $950 million. Bitcoin accounted for $318 million of these liquidations, Ethereum contributed $250 million, and Solana represented about $50 million.
Highlighting the intensity of market volatility, the single largest liquidation event involved a $5.26 million BTC/USDT position on Bybit.
Market participants should prepare for continued volatility driven by geopolitical developments, particularly potential peace negotiations in Ukraine, and key economic releases such as upcoming U.S. CPI data and the Federal Reserve’s FOMC meeting. Traders are advised to closely monitor these factors as potential catalysts for further market movements.
Ethereum (ETH) also experienced notable losses, briefly declining under $1,800—a price last recorded at the close of 2023. The downturn extended broadly across the market, affecting other major cryptocurrencies including Ripple (XRP), Cardano (ADA), and Solana (SOL), all of which registered substantial losses.
This pronounced decline triggered widespread liquidations among traders holding leveraged long positions. Data from CoinGlass indicates that approximately 330,000 positions were liquidated within the past 24 hours, amounting to a total of around $950 million. Bitcoin accounted for $318 million of these liquidations, Ethereum contributed $250 million, and Solana represented about $50 million.
Highlighting the intensity of market volatility, the single largest liquidation event involved a $5.26 million BTC/USDT position on Bybit.
Market participants should prepare for continued volatility driven by geopolitical developments, particularly potential peace negotiations in Ukraine, and key economic releases such as upcoming U.S. CPI data and the Federal Reserve’s FOMC meeting. Traders are advised to closely monitor these factors as potential catalysts for further market movements.