Why is the Crypto Market Down Today?
Today, January 7, 2024, the overall cryptocurrency market is witnessing a significant price decline, resulting in long liquidations worth hundreds of millions. Amid this market downturn, Bitcoin (BTC), the world’s largest digital asset by market capitalization, has dropped by more than 5%.
$293 Million of Crypto Liquidation
This significant price decline brought BTC down from $102,060 to $96,865 within mere hours, causing liquidations worth $293 million in just four hours, according to the on-chain analytics firm Coinglass. However, the liquidations continue to rise, suggesting that this price decline may not stop here.
Data further reveals that out of the $293 million in liquidations, more than 90% came from long positions, with…
