Bitcoin Tumbles Below $100K Again, Liquidations Approach $700 Million
Bitcoin's price dropped below $100,000, losing 2.6% for the day and 12% over the past month, with over $650 million liquidated in the derivatives market, primarily from long positions. Previously, Bitcoin briefly surged above $104,000 after a U.S. government shutdown bill was signed. Despite the decline, some remain optimistic about a potential 'Moonvember' surge driven by factors like regulatory clarity, institutional interest, and macroeconomic changes. Meanwhile, major altcoins like Ethereum, BNB, and SOL also saw significant losses.
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Bitcoin Price Drops Below $100K
The past few hours marked another downturn for Bitcoin as its price once again dropped below the coveted $100,000 mark. At the time of writing, the cryptocurrency is trading below $99,000, charting a loss of around 2.6% for the day and over 12% for the past month.
Derivatives Market Faces Pressure
The derivatives market is also under considerable pressure. Over the past day, more than $650 million worth of long and short positions were liquidated as Bitcoin remains highly volatile in the short term. Notably, the majority of the liquidated positions belong to long traders, accounting for $550 million of the total.
Bitcoin’s Brief Surge After US Policy Change
Just hours ago, Bitcoin spiked from below $101,000 to over $104,000 following the news that US President Donald Trump signed a bill to end the local government’s shutdown. However, the upward momentum was short-lived, and the price quickly fell below $100,000 again.
Optimism Despite Market Conditions
Despite the current downturn, some experts remain optimistic. Ignacio Aguirre, Chief Marketing Officer at Bitget, said:
“We’re optimistic about the growing ‘Moonvember’ buzz. Combined with the seasonality tailwind and growing institutional appetite, this backdrop sets the stage for a meaningful breakout that could fuel broader innovation in blockchain and digital assets.”
He cited key catalysts such as clearer regulatory frameworks, substantial institutional inflows via ETFs, and global macro factors, including sustained lower interest rates, as potential supports for long-term ecosystem growth and broader adoption.
Altcoin Market Under Pressure
The altcoin market is also feeling the weight of Bitcoin’s downturn. Ethereum is down over 5% on the day, BNB is losing 2.7%, and SOL plunged by almost 5%, with the majority of altcoins experiencing similar or even worse losses.