Bitcoin Crashes Under $100K for First Time Since May, Liquidations Hit $1.3 Billion

Bitcoin has plunged below the $100,000 mark for the first time in six months, coinciding with significant losses in other top cryptocurrencies like Ethereum and XRP. The price of Bitcoin fell to around $99,954 on Coinbase and earlier showed an even lower value on CoinMarketCap. This sharp decline has resulted in $1.3 billion in liquidations within a single day, affecting mostly long positions, with Bitcoin leading the pack at $470 million in liquidations. The recent drop follows a high of over $126,000 just weeks prior in early October, marking an 18% decrease over the past month. Analysts suggest that the downturn may be influenced by a U.S. government shutdown, which has drained market liquidity significantly. Investors had mixed expectations just before the drop, with many previously forecasting a rise to $120,000. Ethereum also experienced significant losses, dropping nearly 10% and falling below $3,300, as further declines were recorded across a majority of the altcoins.

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