Why is Crypto Down Today?
TLDR
- Bitcoin fell below $117,000 today, down nearly 2% after hitting record high of $123,100 yesterday
- Massive transfers of 9,000 BTC ($1.06 billion) to Galaxy Digital and 7,843 BTC ($923 million) to major exchanges triggered sell pressure
- $406 million in long positions were liquidated in four hours after key support levels broke
- MemeCore and other meme coins dropped sharply as traders rotated to larger cryptocurrencies
- Total crypto market cap fell 3.5% to $3.68 trillion with analysts viewing this as healthy correction in ongoing bull trend
Bitcoin dropped below $117,000 today after reaching an all-time high of $123,100 yesterday. The leading cryptocurrency fell nearly 2% in the past 24 hours as traders began taking…
