Bitcoin absolutely cratered this Tuesday, plunging below $100,000 for the first time since early May in a brutal reversal from its all-time highs just a month ago. The damage across crypto was devastating; Bitcoin dropped 7.06% to around $99,477, while Ethereum got massacred, falling over 12% to $3,183.
The liquidation carnage was insane. Over $2 billion in positions got wiped out in 24 hours, with $1.7 billion coming from long positions that bet on prices going up. XRP fell 8.72%, Solana crashed 9.94%, and even Dogecoin couldn’t escape, dropping 6.65%.
Ethereum nearly broke below the critical $3,200 level, and Bitcoin’s open interest plummeted 6%, while Ethereum derivatives dropped over 18%. Interestingly, 72% of Binance traders with open BTC positions are still betting on a bullish recovery despite the bloodbath.
The total crypto market cap collapsed 6.52% to $3.31 trillion. Stocks didn’t fare much better; the Dow fell 0.53%, the S&P 500 dropped 1.17%, and the Nasdaq tumbled 2.04% as Palantir’s stock crashed 8% despite strong earnings.
Bitget Wallet analyst Lacie Zhang thinks Bitcoin will trade between $94,000 and $118,000 in the near term. Santiment noticed a sharp increase in bearish social media commentary, which historically precedes market bottoms and relief rallies. They said, “There are still many buying dips with confidence.”
Conclusion
Bitcoin crashed below $100,000, triggering $2 billion in liquidations, with Ethereum falling 12% to nearly below $3,200 as the total crypto market cap collapsed 6.52% to $3.31 trillion amid a stock market decline.
Also Read: Crypto Whale Crash Opens
