The cryptocurrency market is experiencing significant turbulence as Bitcoin (BTC) 
$79,405 plummeted to $93,500, triggering panic across markets. The total market capitalization dropped to $3.15 trillion, leading to the liquidation of $276 million worth of positions within just 24 hours. Over one hundred thousand traders were forced out of the market due to this sudden price decline.
Over 110,000 Traders Liquidated
According to Coinglass, 110,705 traders faced liquidation, amounting to a total liquidation value of $276 million. A significant portion of these liquidations came from long positions, with $190.31 million lost from long positions and $85.98 million from short positions. Notably, a single trade on Binance resulted in a $7.5 million liquidation.
Binance leads in liquidation rates, accounting for 38.67% of total liquidations, amounting to approximately $104.03 million. Exchanges such as Bybit, OKX, and Gate.io also experienced substantial losses, with liquidations of $50.18 million, $49.59 million, and $31.24 million, respectively.
Bitcoin Tests Key Support Levels
Bitcoin is currently trying to maintain its critical support level at $96,000. Staying above this threshold is vital, as falling below could accelerate the decline, heightening concerns among investors.
Experts identify significant outflows from spot Bitcoin ETFs as a primary cause behind the drop in Bitcoin prices. Data from Farside indicates a notable outflow of $129 million on the last trading day for ETFs, exacerbating the selling pressure on Bitcoin.
The negative sentiment is also reflected in the Crypto Fear and Greed Index, which fell to 37, indicating a shift in investor sentiment. In this environment, some traders are opening short positions, predicting that Bitcoin’s downward trend will continue.
As anticipated, Bitcoin’s decline has impacted the altcoin market, with popular altcoins like Solana 
$105 (SOL), XRP, and Dogecoin 
$0.089693 (DOGE) witnessing sharp drops. Despite expectations for an ETF in the U.S., XRP and Solana failed to maintain strength, as the downward trend persists. Investors are closely monitoring Bitcoin’s critical support level at $96,000 amid ongoing market uncertainty.
