Crypto market loses $2 trillion: Why Bitcoin just saw its biggest one-day fall since 2024
Bitcoin suffered its sharpest single-day decline since late 2024 on Thursday as a combination of risk aversion, heavy liquidations, weakness in tech stocks and fears of tighter US monetary policy rattled investors.
The world’s largest cryptocurrency slid as much as 12.6 percent to around $63,300, its lowest level since October 2024. The fall wiped out billions of dollars in value in hours and marked the steepest daily drop since the market turmoil of November 2022.
Liquidations accelerate the fall
One of the biggest drivers of the sell-off was forced liquidation. According to CoinGlass data, nearly $1 billion worth of bitcoin positions were liquidated in just 24 hours as leveraged traders were forced out when prices fell sharply.
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