Bitcoin suffers major market shifts because its value remains unstable when it reaches the significant $100,000 mark. The rejection caused substantial market chaos that forced crypto investors to sell off $527 million from trading activities during the last day.
Bitcoin experienced $161.96 million worth of liquidations as CoinGlass data shows. Traders who expected rising prices took the worst hit from losing $92.12 million out of the overall market decline. During the same period long-position traders made $92.12 million while short-position traders had $69.84 million in liquidations. The drop below $100,000 harmed optimistic traders the most in the current Bitcoin market situation.
Bitcoin Crisis Triggers Liquidations Across Major Cryptos
The Bitcoin crisis shakes up every single coin in the crypto market especially Ethereum, XRP, Dogecoin, and Solana. In a large market movement Ethereum (ETH) suffered liquidation totaling $109.23 million. The total market lost $57.47 million as long traders closed their positions but made $51.76 million for short traders.
The asset XRP ended up in $29.22 million worth of liquidations including $16.70 million long positions and $12.52 million short positions getting wiped out. Deploying long positions on Dogecoin cost investors $15.34 million whereas the short traders lost only $11.36 million. All these trades resulted in total market losses amounting to $26.70 million.
Most traders on Solana (SOL) had positions going short as $13.01 million short positions were canceled while only $10.85 million long positions ended. This totaled $23.87 million in liquidations.
Bitcoin demonstrates minor market upturn despite this recent event. On this occasion BTC trades at $98,835.08 with a daily growth of 4.01% as the market data shows today. The market remains wary because Bitcoin trading volume has dropped by 21.4% down to $79.92 billion which suggests traders are reducing their market participation.
Market professionals cannot agree on where Bitcoin prices will go next. As Real Vision CEO Raoul Pal sees Bitcoin needs further losses before reaching new record values. According to Pal BTC stocks may fall to $70,000 briefly before returning to growth. He advised investors to stay calm because market changes would persist.
Failure to stay above $100,000 made Bitcoin trigger massive selling waves and increased market volatility throughout the cryptocurrency markets. Some market experts see an end to the downward trend but other professionals predict future drops are likely to happen. Market participants must stay watchful because recent events keep creating unpredictable conditions.
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