Key Highlights:
- The market saw nearly $300 million in liquidations as Bitcoin’s price plunged, with altcoins tumbling right behind.
- BTC came within $150 of breaking its record, only to tank hard moments later, sparking panic among over-leveraged traders.
Paradisers! Is the crypto market’s wild ride showing signs of slowing, or is this just a teaser for the next plunge?
Bitcoin enthusiasts held their breath as BTC soared to $73,600 earlier this week, nearly breaking its own all-time high, only to witness a steep $3,000 drop to below $69,000 in a matter of minutes. And yes, it wasn’t just Bitcoin feeling the pressure; altcoins, meme coins, and over-leveraged traders got dragged along on this downturn.
The Fallout: 90,000 Traders and $280 Million in Liquidations
With BTC slipping below $69,000, the market didn’t hesitate to punish the hopefuls who thought they’d ride the rally all the way to the top. More than 90,000 traders saw their positions wiped out, with the grand total of liquidations hitting a cool $280 million. Binance took the crown for the single-largest wrecked position, totaling over $11 million.
The Ripple Effect on Altcoins
It wasn’t just Bitcoin feeling the burn. Major altcoins like ETH and SOL lost around 5% each, while meme favorites DOGE and SHIB took 7.5% and 6.2% hits, respectively. This led to a $100 billion reduction in the total crypto market cap, bringing it below $2.45 trillion.
The question on everyone’s mind: is this dip merely a pause, or the start of another market-wide shakeout? Watch our most recent Bitcoin price analysis for better understanding of the market dynamics.
