Crypto Market Liquidations Top $150 Million in an Hour as BTC Drops Below $100,000

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Currently, the crypto market is experiencing a substantial dip, causing the value of Bitcoin (BTC) to drop by over 4%, from approximately $103,000 to about $97,900.

In the past day, a significant drop in prices has hit the leading digital currencies. Ethereum‘s ether decreased by approximately 7%, while XRP saw a decline of over 5%. Solana experienced an even steeper fall, dropping by more than 6%. Among the top cryptocurrencies, Avalanche (AVAX) and Chainlink (LINK) have been particularly affected, with each falling by over 9% in this timeframe.

In just one hour recently, the value of liquidated positions in the cryptocurrency market has skyrocketed beyond $150 million, a substantial amount that contributed to approximately $388 million in 24-hour liquidations as reported by CoinGlass.

At present, the cryptocurrency market is facing a drop, primarily due to some key factors such as a dip in conventional markets. For instance, the S&P 500 saw a decrease of approximately 0.3% during today’s trading, while the NASDAQ experienced a decline surpassing 1%.

10-year Treasury yields have seen a substantial increase recently, with the rate climbing approximately 5 basis points to reach 4.683%. This spike occurred as American job openings exceeded forecasts in November, which could indicate that the U.S. labor market might be easing.

Moreover, the sale of portions of their accumulated assets by investors who have held them for a long time and have made substantial profits might be putting pressure on prices to decrease.

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2025-01-07 19:22