Bitcoin Price Plunges by $5K in Minutes: Leaves Almost $400 Million in Liquidations

Bitcoin’s adventure above $100,000 was short-lived as the asset plummeted below that level roughly 24 hours after breaching it yesterday.

As expected, the altcoins have suffered even more, with massive price drops from the likes of LINK, DOGE, AVAX, SUI, SHIB, and many others.

CryptoPotato reported yesterday that BTC’s price finally broke above $100,000 after a nearly three-week hiatus. This came after the latest MicroStrategy purchase.

The asset kept climbing in the following hours and peaked during the Tuesday morning Asian trading session at just under $103,000.

However, it failed to continue its run and started to lose value gradually. It settled at around $102,000 later that day before the bears took control of the market an hour ago. Since then, the primary cryptocurrency has lost almost $5,000 and dumped to $97,160 (on Bitstamp).

The altcoins have it even worse. Ethereum has dumped by 7% on a daily scale and struggles below the key support-turned-resistance level of $3,500. XRP and SOL have declined by similar percentages to under $2.3 and $210, respectively.

Even more painful decreases come from the likes of DOGE, SUI, AVAX, LINK, XLM, SHIB, DOT, BCH, PEPE, and many others, with price drops of up to 11%.

This enhanced volatility has harmed over-leveraged traders, with more than 130,000 such market participants getting wrecked in the past day. The total value of liquidations is up to $390 million on a daily scale and over $200 million in the past hour alone.

The single-largest liquidated position took place on Binance and was worth $12 million.