Bitcoin Plunges Under $98,000 Amid $880M Liquidations

Bitcoin has dropped below $98,000 for the first time since May, pulling down other major cryptocurrencies. A total of over $1 billion in leveraged positions were liquidated in just 24 hours, with around $887 million from long positions. Ether declined over 8% to approximately $3,500, with other cryptocurrencies like XRP, Solana's SOL, and Cardano's ADA showing similar declines. The downturn was exacerbated by disappointing economic data from China, where industrial production and fixed-asset investment numbers were significantly weaker than expected. This data influenced Asian equities negatively, leading to a drop in the MSCI Asia Pacific Index. Additionally, expectations for a Federal Reserve rate cut in December diminished, further contributing to the market's risk-off sentiment. As Bitcoin broke the $98,000 mark, traders focused on the next support level around $94,000, while many assessed whether the liquidation-driven selloffs had reached their limit, hoping for stabilization in macro volatility soon.

Source 🔗