Key Takeaways
- The price of Bitcoin fell below $92,000, resulting in over $1 billion in liquidations within 24 hours.
- Bitcoin quickly recovered to $96,500 after falling 10% from its all-time high.
Bitcoin briefly dipped below $92,000 today, marking a sharp drop of over 10% from the all-time high of $104,000 reached on Wednesday.
The sudden drop triggered over $1 billion in liquidations across the crypto market within 24 hours, with approximately $810 million from long positions, according to data from CoinGlass.
Despite the volatility, the price of Bitcoin quickly recovered and was trading at $96,500 at press time. The rapid recovery points to strong underlying demand even amid heightened market uncertainty.
Interestingly, while altcoins experienced a slight decline during Bitcoin’s decline, the broader crypto market showed considerable resilience.
Major tokens such as Solana recovered to $237, Ethereum to $3,780 and Dogecoin to $0.42, quickly recovering from the drop and stabilizing along with Bitcoin.
