The crypto market is facing a downturn as prices slide dramatically, with Bitcoin leading the drop to nearly $105,000, marking a significant low across various exchanges. In the past day alone, approximately 290,000 traders suffered liquidations totaling over $1 billion.

Many altcoins are experiencing even harsher declines. Notably, Binance Coin dropped over 12% to under $1,050, while Ethereum (ETH) saw more than 6% in losses, and XRP dropped over 7%. This market condition reflects a shift in liquidity towards Bitcoin and stablecoins amid a troubling economic sentiment.

“Altcoins are under pressure as liquidity continues to rotate back into Bitcoin and stablecoins amid risk-off sentiment. This latest dip reflects declining speculative appetite after last week’s macro data, thin order books amplifying volatility, and renewed uncertainty around regulatory headlines impacting smaller-cap tokens,” stated Wenny C, COO at SynFutures.

The bearish trend has led to escalating fears in the market, prompting some analysts to suggest that the anticipated bull run for 2024-2025 may be over, with projections of a 50% market correction.

This crash has generated alarm amongst traders, as liquidations increase alongside the rapid price declines. The last 24 hours have demonstrated the extreme volatility of the crypto market and the persistent risk for investors.