The cryptocurrency market faced a sharp correction over the weekend, wiping out $500 million in liquidations and impacting nearly 187,000 traders. Bitcoin (BTC) briefly dropped to $95,700 before rebounding, while altcoins experienced significant losses.
Market Wipeout: $500M in Liquidations
A turbulent weekend saw $495 million liquidated across exchanges within 24 hours. Bitcoin accounted for $80.9 million in liquidations, including $56.6 million from long positions. Altcoins bore a heavy impact, with Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Ripple (XRP) contributing significantly to the cascade.
Bitcoin Misses $100K Mark
After nearing the $100,000 milestone on Friday, BTC faced intense sell pressure, dipping to $95,700 before recovering to $98,310. Despite the correction, Bitcoin continues to dominate the crypto market with a 56% share of its $1.94 trillion valuation.
Altcoins led the market’s decline, with Ethereum seeing $44.8 million in liquidations, largely from short positions. Dogecoin traders faced $33.1 million in losses, while Ripple and Solana recorded $32.2 million and $16.8 million, respectively.
Cautious Optimism Amid Uncertainty
While some traders see the retracement as a healthy market correction, others point to macroeconomic uncertainties as a potential cause for future volatility. Analysts remain focused on Bitcoin’s journey back to six figures, with altcoins striving to recover from the liquidation storm.
As the crypto market grapples with this correction, investors are watching closely for signs of stability or further turbulence.
Leave a Reply