Bitcoin’s Plunge Below $103K Spurs Liquidation Wave
What started as a positive day for crypto markets quickly reversed during the U.S. session with bitcoin
sliding below $103,000 from the $106,500 level just hours earlier.
At press time, bitcoin had pared some of the losses, returning to $103,200, down 1.2% over the past 24 hours.
Other large cryptocurrencies endured steeper declines. Ethereum’s ether
saw a sharp 4.5% drop in just 90 minutes to as low as $2,372, with trading volume spiking to nearly 800,000 ETH, nearly eight times the average hourly volume, per CoinDesk data. Solana’s SOL , dogecoin and Cardano’s ADA were 3%-5% lower over the same period.
The volatility burst caught many traders off-guard, liquidating about $450 million in derivatives trading positions on centralized…
