Bitcoin's Dramatic Drop Below $103K Triggers Massive $450M Liquidation Wave
Coindesk1 week ago
850

Bitcoin's Dramatic Drop Below $103K Triggers Massive $450M Liquidation Wave

Market Sentiment
bitcoin
ethereum
liquidation
volatility
trading
Share this content:

Summary:

  • Bitcoin plunged below $103K, wiping out early gains above $106K and triggering $450M in liquidations.

  • Ethereum (ETH) dropped 4.5% in 90 minutes, with trading volume spiking to 8x the average.

  • $387M of the liquidations were long positions, per CoinGlass data.

  • No clear external catalyst for the drop, as traditional markets saw only minor declines.

  • BTC remains in a stalemate between $100K-$110K, reflecting bullish long-term vs. short-term uncertainty.

Bitcoin's Volatility Sparks $450M Liquidation Wave

Bitcoin experienced a sharp reversal during U.S. trading hours, plummeting below $103,000 after briefly touching $106,500. This sudden drop erased early gains and led to a staggering $450 million in liquidations across centralized exchanges, with $387 million of those being long positions, according to CoinGlass data.

Major Cryptos Hit Harder

While BTC managed to pare some losses, settling at $103,200 (down 1.2% in 24 hours), other large cryptocurrencies faced steeper declines:

  • Ethereum (ETH): Dropped 4.5% to $2,372 in just 90 minutes, with trading volume spiking to 800,000 ETH (8x the average hourly volume).
  • Solana (SOL), Dogecoin (DOGE), and Cardano (ADA): All fell 3%-5% over the same period.

No Clear Catalyst

Despite the volatility, there was no immediate external trigger for the price swing. Macro risks like the Israel-Iran conflict persist, but traditional markets like the S&P 500 and Nasdaq 100 saw only minor declines.

Bitcoin's Stalemate

BTC continues to trade sideways between $100,000 and $110,000, just below its all-time high. James Toledano, COO of Unity Wallet, noted:

"The mixed view of whether BTC will go above $110,000 again or drop into the $90,000 area doesn’t surprise me at all and underscores the overall indecision people and markets feel."

He added that the current stalemate reflects a clash between bullish long-term sentiment and short-term macroeconomic uncertainty.

Comments

0

Join Our Community

Sign up to share your thoughts, engage with others, and become part of our growing community.

No comments yet

Be the first to share your thoughts and start the conversation!

Newsletter

Subscribe our newsletter to receive our daily digested news

Join our newsletter and get the latest updates delivered straight to your inbox.

BitcoinToday.app logo

BitcoinToday.app

Get BitcoinToday.app on your phone!