Bitcoin plummeted below $ 92,000 in a flash

The cryptocurrency market has undergone a significant correction: the price of bitcoin BTC $93,432.93 Bitcoin -1.04% Market capitalization $1.85 trillion VOL. 24 hours $3.2 billion has fallen below $ 92,000. This has caused liquidations totaling more than $ 366 million over the past 24 hours, according to the Coinglass analytics platform. This situation has caused significant losses both among traders and the entire crypto market.

The main blow came from traders who used leverage. The largest single liquidation reached $ 2.9 million and took place on Binance. According to experts, most of the liquidations concerned long positions, as traders hoped for further growth in the price of bitcoin, which recently reached over $ 100,000.

The market situation also affected other cryptocurrencies. Ethereum ETH $3,244.97 Bridged Ether (StarkGate) -2.64% Market capitalization $0.29 billion VOL. 24 hours $1.77 billion fell by 7% to trade at $ 2,980, and coins such as Solana SOL $186.97 Solana -3.17% Market capitalization $90.45 billion VOL. 24 hours $0.74 billion and Dogecoin DOGE $0.17 Department Of Government Efficiency -2.20% Market capitalization $0.17 billion VOL. 24 hours $0.57 billion lost more than 10% of their value. The total capitalization of the cryptocurrency market decreased by 5.3%, reaching $ 2.19 trillion.

Analysts explain that bitcoin’s decline may be due to macroeconomic factors, in particular, fears of continued inflationary pressure. Data from the bond market indicates an increase in yields, which makes investors look for safer assets. In addition, recent comments by the US Federal Reserve on maintaining high interest rates are putting additional pressure on risky assets such as cryptocurrencies.

Despite the drop, experts remain optimistic about the long-term future of the flagship crypto market. In their opinion, such corrections are typical for the volatile cryptocurrency market and may create opportunities for new investments.