Bitcoin Plunges Below $98K, Leading $1.2B Crypto Market Rout as ETH, SOL Tumble

Cryptocurrency Market Takes a Festive Plunge as Major Digital Assets Face Sharp Declines

  • Bitcoin dropped below $98,000, marking a 7% decline from its recent peak above $108,000.
  • Ethereum experienced a steeper decline of 12%, trading at $3,422.
  • Market-wide correction led to $1.17 billion in liquidated positions over 24 hours.
  • Alternative cryptocurrencies faced more severe drops, with Dogecoin falling 20%.
  • Total cryptocurrency market capitalization decreased by 9% according to CoinGecko data.

Bitcoin Price Correction Triggers Market-Wide Cryptocurrency Selloff

The cryptocurrency market experienced substantial losses on Thursday as Bitcoin retreated from its historic high, triggering a broader market correction that affected major digital assets across the board. The leading cryptocurrency traded at $97,020, marking a significant decline from its recent peak above $108,000.

- Advertisement -

Alternative Cryptocurrencies Face Steeper Declines

The market correction hit alternative cryptocurrencies particularly hard:

  • Ethereum declined 12% to $3,422
  • XRP dropped 11% to $2.22
  • Solana fell 12% to $191
  • Dogecoin experienced a 20% decrease to $0.31

Liquidation Impact and Market Metrics

The sudden price movement triggered significant market reactions. Data from CoinGlass showed $1.17 billion in liquidated positions within 24 hours, with Bitcoin-related positions accounting for $241 million of the total. Liquidations occur when leveraged trading positions are automatically closed due to price movements reaching predetermined thresholds.

CoinGecko data indicated a 9% reduction in total cryptocurrency market capitalization, reflecting widespread selling pressure across digital assets. This correction phase suggests a temporary pause in the recent bullish momentum that characterized the cryptocurrency market following the approval of spot Bitcoin ETFs.

The price action demonstrates the persistent volatility in cryptocurrency markets, even as institutional adoption continues to expand. Market analysts point to profit-taking activities and technical factors as primary drivers behind the current correction.

✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

Stay in the Loop

Get exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.

- Advertisement -

    1 Email per day. Unsubscribe at any time.

    - Advertisement -

    Latest News

    Tornado Cash Co-Founder Roman Storm Guilty on Money Transmitting Charge

    Roman Storm, co-founder of crypto mixing tool Tornado Cash, was found guilty of operating...

    Predictors Bet on Bitcoin Surge, Vitalik’s Linea Mention, ETH Push

    Prediction markets show most participants expect Bitcoin to reach $125,000 before dropping to $105,000. A...

    SocGholish Malware Leveraging TDS for Sophisticated Web Attacks

    Attackers use Traffic Distribution Systems to spread the SocGholish Malware through compromised websites. SocGholish operates...

    OpenAI Launches Smarter, Faster GPT-5 AI Model for All Users

    OpenAI has launched the new ChatGPT-5 model, available to all users, including free accounts. ChatGPT-5...

    NYDFS Fines Paxos $26.5M Over Binance Ties, Orders Compliance Fix

    Paxos Trust reached a settlement with the New York Department of Financial Services (NYDFS),...

    Must Read

    Top 10 Best Blockchain Games

    If you want to know about the best blockchain games then read this article carefully. We listed the best games you can play and...