Bitcoin’s price slid under $93,000 on Sunday as mass liquidations hit the crypto market, wiping out leveraged positions.
Bitcoin Slips Below $93K as Liquidations Mount
Bitcoin’s price plunged below $93,000 on Sunday, Feb. 2, 2025, at 5:56 PM Pacific Time, marking a sharp decline that erased recent gains. The drop follows a period of heightened volatility, with $554.82 million in liquidations occurring across the crypto market.
Increased Selling Pressure Hits BTC
Bitcoin had reached an intraday high of $102,261, but sustained selling pressure forced it to an afternoon low. Trading volume saw a modest uptick, largely driven by sell-offs rather than fresh accumulation.
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Mass Liquidations Trigger Market Shake-Up
Data from Coinglass reports that $554.82 million in liquidations hit the crypto market, with $95.66 million of those stemming from Bitcoin long positions. In total, $483.09 million worth of long bets were wiped out, as 242,789 traders saw their positions liquidated. The largest single liquidation occurred on Binance, where an Ethereum trader lost $11.84 million.
Bitcoin Faces Renewed Volatility
The downturn comes amid waning optimism over Trump’s crypto regulatory efforts, showing that macroeconomic factors and trader sentiment continue to dominate. While political moves may boost confidence in the short term, market structure and leverage excesses remain key drivers of volatility.
As of the latest update, Bitcoin remains under heavy selling pressure, struggling to regain stability above the $93,000 mark.
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