Crypto Liquidations Top $2 Billion as Bitcoin Continues Slide, Ethereum Hits 4-Month Low
Total cryptocurrency liquidations surged past $2 billion, spurred largely by a significant drop in Bitcoin and Ethereum prices. Bitcoin fell below $100,000 for the first time in six months, dropping to around $99,000 before a slight recovery. This marked a decline of over 10% within the week and nearly a 20% drop from its all-time high of $126,000 set in early October. Ethereum experienced a similar downward trend, plummeting to a four-month low of roughly $3,097. Investors confronted substantial losses, with approximately $1.63 billion of the liquidated positions being long bets, indicating a widespread bearish sentiment. Analysts cite factors such as the U.S. government shutdown and an increase in the Treasury General Account as contributors to the market's decline. Despite the significant liquidations, some industry experts believe that if Bitcoin can stabilize above $100,000, it might represent a healthy market correction rather than a deeper financial crisis. Ethereum led in liquidation amounts, reflecting a notable concern among investors.
Source 🔗