Bitcoin Price Suddenly Drops to $88K as Liquidations Surge to $500M
Bitcoin’s apparent calmness and stabilization above $90,000 didn’t last long, as the asset plunged below that level to a 5-day low of $88,000.
Naturally, the altcoins have followed suit, which means that the overall liquidations are on the rise again, hitting $500 million on a daily scale.
BTCUSD Dec 5. Source: TradingView
Recall that the primary cryptocurrency dumped on Monday by over seven grand in just a day, but quickly rebounded and surged past $90,000. It remained there for a few consecutive days and even challenged $94,000 on a couple of occasions.
However, it couldn’t penetrate that level and calmed at around $92,000 by Friday, as reported earlier. The bears came back minutes ago and initiated a fresh leg down that drove bitcoin south to $88,000.
The altcoins are in the red as well. Ethereum, which exceeded $3,200 yesterday, is close to breaking below $3,000 after a 4.6% drop in a day. XRP is also just inches above a crucial support level, having slipped to $2.04 as of press time. SOL, DOGE, and ADA have marked even more substantial declines of up to 7.3%.
CC, APT, HYPE, PUMP, PEPE, and ENA have plunged by double digits, while WLD and AVAX have plummeted by up to 9%. The total crypto market cap has shed $80 billion in hours to $3.1 trillion as of press time.
The liquidations within the past 24 hours have risen to $500 million once again, with $420 million in longs. The total number of wrecked traders has exceeded 140,000, while the single-largest liquidated order was on Hyperliquid and was worth $8.5 million, according to CoinGlass data.
Liquidation Data Dec 5 on CoinGlass
The post Bitcoin Price Suddenly Drops to $88K as Liquidations Surge to $500M appeared first on CryptoPotato.
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