Bitcoin Dips Below $92K, Ethereum Below $3K—Massive Liquidations Hit $800 Million
The cryptocurrency market has experienced another significant downturn, with Bitcoin falling below $92,000 and Ethereum dropping below $3,000, leading to substantial liquidations.
The cryptocurrency market is once again facing intense downward pressure. Bitcoin has fallen to a new low of just under $92,000, while Ethereum has dipped below the critical threshold of $3,000. This sudden downturn has resulted in the liquidation of approximately $800 million in trades.
BTCUSD. Source: TradingView
Recently, Bitcoin was trading above $100,000, but this was short-lived as market corrections caused significant losses. The latest prices mark the lowest levels since April, suggesting increased market volatility.
Interestingly, there seems to be no single cause for this crash, which appears to stem from excessive leverage used by traders. Analysts from the Kobeissi Letter have suggested that the market has entered a new structural bear market.
Ethereum, like Bitcoin, is also suffering, having dropped by over 15% in the past week. The market dynamics have led to more than 150,000 traders facing liquidation daily.
The most substantial liquidated order was around $96.51 million, as reported by CoinGlass.
