It was not a stellar day for bitcoin (BTC), with the top crypto tumbling to $95,578 per BTC by Thursday afternoon. As of 3:20 p.m. ET, bitcoin was down 7.2% against the dollar. Ethereum (ETH) wasn’t faring much better, down 11.3%, while dogecoin (DOGE) plummeted 20% this afternoon. Despite the sell-off frenzy, global trading volume has skyrocketed by 55% today, cruising at an impressive $302.6 billion.

BTC hit an intraday low of $95,578 per coin. At press time, it’s trading for $96.5K per coin.

Just two days ago, BTC hit its all-time peak at $108,364, but now it’s down almost $12,000 in just 48 hours. The crypto derivatives market is feeling the pinch, with $1.25 billion in positions, both long and short, wiped out. According to Coinglass.com, out of the $1.25 billion derivatives market liquidations, over $205 million were long positions in bitcoin.

Moreover, a staggering 370,433 crypto traders had their positions wiped out on Thursday afternoon. Apart from BTC and ETH, meme coins got hammered too, with PNUT dropping 27.71%, NIERO falling 25.06%, and ACT plummeting 24.67%. GOAT and PENGU also took a 24% dive against the U.S. dollar. Over $58 million in dogecoin (DOGE) long positions were liquidated today. Other notable coins saw double-digit drops. For instance, DYDX saw a decrease of 18.42%, and APE took an 18.17% hit as well.

The wild swings in the crypto market highlight the intense challenges for traders riding these choppy waves during the 2024 bull cycle into 2025. With over a billion dollars vaporized from derivatives markets and countless traders facing massive liquidations, this downturn vividly showcases the volatility that comes with bull markets. At 3:25 p.m. ET, as bitcoin claws its way back above $96,000, everyone’s on edge, wondering what’s next.

Amidst the chaos, the surge in trade volumes suggests both panic selling and savvy buying. While key players like bitcoin and ethereum strive to regain stability, the wide market’s decline shows how fast losses can spread. Traders and investors are now glued to their screens, looking for signs of either a comeback or further drops, as the crypto world continues to throw curveballs. Typically, in these bull market cycles, bitcoin and other digital currencies can lose over 20% in major pullbacks, and then, possibly rise again. At 3:30 p.m., bitcoin is exchanging hands for $96,541 per coin.

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