The day began as a dramatic tale of volatility for bitcoin (BTC). At 1:25 a.m. EDT, the asset traded above $94,000, but this level proved ephemeral. As dawn broke on the East Coast, BTC had tumbled below the $90,000 threshold, hitting an intraday low of $89,164 per coin. This sharp dip triggered a cascade of liquidations across cryptocurrency derivatives markets, erasing $704.58 million in just 24 hours.
Notably, $305.67 million of liquidated positions—of which $245.74 million were long bets—occurred within a four-hour span. According to coinglass.com, a staggering 255,481 traders saw their positions liquidated over the past day. Among these, the most substantial single liquidation was an $8.21 million BTC derivatives position on Binance. Monday’s downturn, coupled with a broader bearish trend over the preceding week, has deepened the strain on market sentiment.
Market observers present divided predictions: some anticipate BTC testing the $80,000 range, while more pessimistic forecasts suggest a slide toward $70,000. Others envision a potential resurgence, tied to significant macro events such as the inauguration of President-elect Donald Trump. Beyond bitcoin, the broader crypto market has been swept into the turbulence. Ethereum (ETH) is grappling to retain the $3,000 mark, while solana (SOL) and cardano (ADA) have borne the brunt of losses among the top ten cryptocurrencies, shedding 6% and 7%, respectively.
The erratic fluctuations in bitcoin’s price highlight its dual role as a speculative instrument and a gauge of sentiment within the crypto sphere. While some anticipate a resurgence driven by broader economic catalysts, the market’s collective mindset teeters on uncertainty. The convergence of liquidations, downward pressures, and investor speculation suggests a critical moment for the short-term direction of digital assets. By 10:30 a.m. ET, BTC was trading for $92,344 per coin.
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