Bitcoin’s recent rally has reversed after hitting a peak near $116,000, resulting in a significant drop to around $101,000. This downturn has been part of a larger decline affecting the entire cryptocurrency market, which has lost over $100 billion in valuation within a single day.

Bitcoin Eases Back to $112K

During the previous week, Bitcoin faced a sharp setback after US President Donald Trump announced new tariffs on China, causing the price to plummet from $122,000 to $110,000, exacerbated by widespread liquidations. After rebounding towards $116,000, the price has now slipped back to the $112,000 mark. Currently, Bitcoin’s market capitalization stands at $2.235 trillion, with its dominance over altcoins increasing to 57.5%.

Major Decline in Altcoins

Altcoins have experienced even steeper losses, with BNB falling over 11% after reaching a new all-time high just the day prior. Ethereum has dropped to $4,000, XRP below $2.5, and significant losses are recorded across numerous tokens. This volatility has resulted in over 210,000 traders being liquidated, with a total value exceeding $630 million.

BTCUSD BTCUSD. Source: TradingView

Liquidations Data Liquidation data source: CoinGlass