Why is Crypto Down Today? Here’s What Happened
TLDR
- Bitcoin consolidates near $118,000 after hitting record highs around $123,200 earlier this month
- Over $968 million in liquidations hit the market, mostly from leveraged long positions on altcoins
- Ethereum ETF inflows reached record $2.2 billion last week while Bitcoin funds stagnated
- Major altcoins including XRP, Solana, and DOGE dropped 5-8% in 24 hours
- Total crypto market cap declined 1.4% to $3.88 trillion as derivatives market saw 11% drop
The cryptocurrency market experienced a pullback today as traders took profits following recent strong rallies across major digital assets. Bitcoin currently trades at $118,120, showing minimal movement in the past 24 hours after consolidating from record highs.