BTC, ETH, ADA, SOL Price News: Bitcoin Plunges Under $98,000, $880M in Liquidations

Bitcoin fell below $98,000 for the first time since May, pulling down major cryptocurrencies including Ethereum, Solana, and Cardano, which each saw declines of more than 8%. In just 24 hours, liquidations of over $1 billion in leveraged crypto positions occurred, with the most significant single liquidation being a $44 million Bitcoin long position. This downward trend was exacerbated by disappointing economic data from China, showing a notable slowdown in industrial production and fixed-asset investment, which negatively impacted Asian equities. As central bank rate cut hopes dwindled, market volatility increased, leading traders to liquidate positions aggressively. The overall sentiment in the market remains risk-averse, indicating that unless market conditions stabilize soon, further declines in cryptocurrency prices may be observed.

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