Bitcoin’s price has experienced a dramatic decline, dropping nearly $5,000 within minutes after a brief rise above $100,000. This volatility has not only affected Bitcoin but has also had a significant impact on the altcoin market.

After peaking at just under $103,000 during the Asian trading session, Bitcoin has stabilized around $97,160. This downturn has led to notable losses across various cryptocurrencies:

• Ethereum has dropped by 7%, struggling to maintain levels below $3,500.
• XRP and SOL have fallen to under $2.3 and $210, respectively.
• Other cryptocurrencies, such as DOGE, SUI, AVAX, and LINK, have experienced losses of up to 11%.

This market volatility has resulted in considerable liquidations, affecting over 130,000 traders. Total liquidations have reached approximately $390 million in the past day, with over $200 million occurring in just the last hour. The largest single liquidation was on Binance, totaling $12 million, highlighting the risks associated with over-leveraged trading in the current market conditions.

📎 Related coverage from: cryptopotato.com