In brief
- Total crypto market liquidations topped $2 billion over the last day, led by Ethereum and Bitcoin.
- Bitcoin fell under $100,000 for the first time in six months Tuesday, dipping to about $99,000 before rising again.
- Ethereum, meanwhile, hit a four-month low as it bottomed out not far from the $3,000 mark.
Tuesday’s crypto market bloodbath only got worse as the afternoon dragged on, with Bitcoin nearly touching the $99,000 mark, Ethereum falling to a four-month low, and total daily liquidations topping $2 billion.
Bitcoin fell below the $100,000 mark on Tuesday for the first time in six months, then continued to dip lower after briefly rebounding. According to CoinGecko, BTC fell as low as $99,075 on Tuesday, with CoinMarketCap recording a bottom just below the $99,000 mark.
It was recently trading hands for $101,167, marking a daily dive of about 5%. That’s pushed Bitcoin’s recent decline to more than 10% over the last week, with the asset down nearly 20% from an all-time high above $126,000 set in early October.
Ethereum, meanwhile, dropped from a 24-hour high of $3,649 to as low as $3,097—the lowest mark registered since July. At a recent price of $3,260, ETH is down more than 9% on the day, outpacing all other cryptocurrencies within the top 10 coins by market cap.
Other altcoins like XRP, Solana, and BNB are showing worse daily losses than Bitcoin, though none as bad as Ethereum.
All told, some $2.02 billion worth of crypto positions have been liquidated over the past 24 hours, according to data from CoinGlass, with $1.63 billion worth tied to long positions, or bets that an asset’s price will rise.
“Too many traders were using borrowed money to bet on prices going up,” Maja Vujinovic, co-founder and CEO of digital assets at Ethereum treasury firm FG Nexus. “The next few days matter: If Bitcoin can stay above $100k-$105K, it might simply be a healthy reset. If not, we could see a deeper drop. Big investors and companies should be cautious but also watch for smart buying opportunities, since the broader economy and market mood are still shaky.”
Ethereum’s massive price drop has pushed it to the top of the liquidations pack, accounting for $655 million worth compared to $614 million for Bitcoin positions. Earlier Tuesday afternoon, Bitcoin had led daily liquidations following its initial dip below $100,000.
While $2 billion is a substantial amount of liquidations, it still pales in comparison to the record $19 billion worth of liquidations set in October—at least for now. But some traders have undoubtedly become more conservative after that massacre.
“This is an echo of Black Friday (October 10),” said Mike Maloney, CEO of tech provider Incyt. “The sudden drop was quickly reversed, but anxiety remains in large investors.”
Tuesday’s correction came alongside a dive in stock market indices, with the Nasdaq and S&P 500 finishing the day down as tech stocks took a hit amid broader macroeconomic uncertainty.
Other factors driving recent crypto losses include Trump’s ongoing trade conflicts—with a threat against China preceding last month’s record liquidations haul—along with liquidity concerns and growing pessimism over a possible third U.S. interest rate cut in 2025.
Additional reporting by James Rubin
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