Bitcoin saw a sharp correction over the last 24 hours, plunging to a low of around $100,900 before slightly recovering to trade at $102,592 at the time of writing, according to data from CoinMarketCap.
The 2.48% intraday drop triggered a wave of liquidations across the crypto derivatives market, wiping out nearly $986 million in positions.
Mass Liquidations: Longs Hit Hardest
According to Coinglass, a staggering 227,964 traders were liquidated within a 24-hour span, resulting in total losses of $985.58 million. Long positions accounted for the majority of the damage, with $888.83 million in longs erased versus $96.75 million in shorts. The largest single liquidation order was recorded on BitMEX (XBTUSD), valued at $10 million.
Market Sentiment Hit by External Headwinds
Several macro and geopolitical factors appear to have catalyzed the sudden downturn:
- Ongoing U.S.-China trade war tensions have flared again, pressuring global risk assets and weakening investor sentiment.
- The unexpected public fallout between Elon Musk and President Donald Trump added further instability. Musk accused Trump of being listed in the sealed Epstein files, escalating a very public feud.
Trading Volume Surges
Despite the drop, trading volume surged by 36.24% to $60.39 billion, suggesting that volatility brought heavy activity. Bitcoin’s market cap currently sits at $2.03 trillion, with a circulating supply of 19.87 million BTC.
Outlook
With nearly $1 billion wiped out in leveraged trades, and macro headwinds intensifying, traders are now approaching the market with renewed caution. Bitcoin remains above the psychological $100K threshold, but short-term sentiment has clearly taken a hit.
Unless external pressures ease and confidence returns to the tech sector, Bitcoin could remain vulnerable to further downside volatility in the coming days.
Source: https://coindoo.com/bitcoin-dips-below-101000-as-nearly-1b-in-longs-liquidated-amid-musk-trump-clash/