Mass liquidation as Bitcoin falls below $100K

The cryptocurrency market has seen another wave of extreme volatility over the past 12 hours, with Bitcoin dropping below $100,000 for the first time since Monday’s correction.

This drop led to massive liquidation of trading positions, with around 250,000 traders losing in less than 24 hours.

Bitcoin started the week strong, with the price surpassing $105,000 and approaching $106,000 on two occasions, but the sellers’ pressure was stronger.

The price fell to $102,000 on Friday evening and Saturday morning, before losing further momentum and falling to $99,000, the lowest level since the last crash.

Despite attempts to recover, the currency is still struggling to return to the six-figure area.

Altcoins were not spared from this decline, with major losses in several prominent assets such as SOL, DOGE, LINK, AVAX, LTC, and HYPE, with declines of close to 10%.

This volatility has led to the liquidation of over $500 million in trading positions over the past day, including over $400 million in the last 12 hours alone. The largest liquidation on Binance was worth nearly $12 million, reflecting the huge pressures the market is facing in these turbulent conditions.