Bitcoin Price Plummets to $88K with Liquidations Reaching $500M
The price of Bitcoin has sharply declined to a five-day low, triggering substantial liquidations in the market.
Bitcoin, which appeared stable above $90,000, has recently dropped to $88,000, marking a five-day low. This decline has negatively impacted the altcoin market, leading to total liquidations rising again to $500 million daily.
Liquidation Data
During the recent downturn, the price of Bitcoin initially fell over $7,000 in just a day, recovering to above $90,000 shortly after, but it couldn’t maintain this level and has settled near $88,000.
Altcoin performance is also sluggish; Ethereum dropped to nearly $3,000 after a 4.6% decline. XRP has slipped to approximately $2.04, with other cryptocurrencies like SOL, DOGE, and ADA facing drops of 7.3% or more.
In the past 24 hours, over $500 million worth of positions were liquidated again, including $420 million in long positions. Over 140,000 traders were impacted, with the largest liquidated order valued at $8.5 million.
