Bitcoin experienced a significant drop during Asian trading hours, falling below the $100,000 mark as market volatility impacted both the broader cryptocurrency and stock markets.
Over the past 24 hours, BTC declined by more than 6%, reaching a low of $97,000 before recovering to $99,290 at the time of reporting.
This decline disrupts the upward trend that had pushed Bitcoin to its peak of $109,000 just before the inauguration of US President Donald Trump.
Analysts believe that this downturn signals the end of a rally fueled by Trump’s political influence, which had characterized the late 2024 market.
The turbulence in the cryptocurrency market triggered a surge in liquidations, with CoinGlass reporting a staggering $855 billion in losses, affecting over 313,000 traders.
Data reveals that long traders, who had bet on price increases, suffered the largest losses, totaling $794 billion. Meanwhile, short traders, who anticipated price declines, faced losses of around $59 million.
Bitcoin traders were hit hardest, with liquidations totaling approximately $259 million, including $247.5 million from long positions.
Ethereum traders also experienced substantial losses, with liquidations reaching $110 million, of which $104.8 million came from long positions.
