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Bitcoin (BTC) 
$105,975 experienced a sharp decline in the last 24 hours, hitting its lowest level since January 13. The leading cryptocurrency plummeted more than $9,000 from last week’s peak, falling below $90,000. This volatility led to significant liquidations, with total liquidations surpassing $1 billion.
Bitcoin Price Takes a Hit
Bitcoin had surged to $99,500 last Friday, driven by positive developments in Coinbase’s two-year legal battle with the SEC. However, the market could not maintain this optimism.
The weekend remained relatively calm, with Bitcoin prices stabilizing around $96,000. On Monday, a slight pullback saw the price drop to $94,000. By Tuesday morning, selling pressure intensified, pushing Bitcoin below the $90,000 threshold, marking the lowest level in six weeks.
$1 Billion Liquidated
The sharp decline in Bitcoin and other altcoins led to massive liquidations of leveraged positions. In the last 24 hours, over $1.3 billion in positions were forcibly closed, with approximately $1.25 billion coming from long positions.
The largest single liquidation occurred on the Binance exchange, amounting to $20 million. According to CoinGlass data, over 364,000 investors had their positions liquidated in the past 24 hours.
The altcoin market also faced a significant blow, with major coins like Ethereum (ETH) 
$2,628, Dogecoin 
$0.208169 (DOGE), and Solana 
$165 (SOL) experiencing double-digit drops. The turmoil in the cryptocurrency market is attributed in part to a major hack at the Bybit exchange, where $1.4 billion was reportedly stolen, undermining investor confidence and contributing to the negative market trend.
