BTC hits $95K, triggering massive liquidations and highlighting the volatility of the 2024 bull cycle.
Bitcoin Hits $95K, Shocks Markets
Bitcoin (BTC) dropped to $95,578 on Thursday, falling over 7% in 24 hours. The dip comes just two days after reaching an all-time high of $108,364, marking a $12,000 decline in under 48 hours. As of 3:30 p.m. ET, BTC has recovered slightly to $96,541.
Market-Wide Plunge
The broader crypto market fell by 11%, with Ethereum (ETH) down 11.3% and meme coins like Dogecoin (DOGE) dropping 20%. Other tokens, such as DYDX and APE, saw double-digit losses, underscoring the widespread impact of BTC’s decline.
Derivatives Market Takes a Hit
Crypto derivatives traders suffered significant losses, with $1.25 billion in liquidations reported. Of this, $205 million were BTC long positions. Additionally, over 370,000 traders were liquidated, amplifying the market’s volatility.
Surge in Trading Volumes
Despite the downturn, trading volumes surged 55%, hitting $302.6 billion. This spike reflects both panic selling and strategic buying as investors navigate the turmoil.
FUN FACT: 14 years ago today, you could buy 1 #Bitcoin for $0.25 ✨
Volatility Defines Bull Market Cycles
The pullback highlights the volatility of crypto bull cycles. Major pullbacks, often exceeding 20%, are not uncommon and can precede recoveries. Traders are now closely monitoring BTC’s next move as it attempts to stabilize above $96,000.
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