Bitcoin and crypto asset prices have been reeling earlier this week following a broad decline in the stock market.
According to market data tracking firm Coinglass, $2.02 billion in leveraged cryptocurrency bets have been liquidated in the past 24 hours.
The liquidation came as Bitcoin fell below $100,000 for the first time since June, to a low of around $99,075.
This represents a 21.3% drop from BTC’s all-time high of $126,000 on October 6th due to profit taking by whales.
At the time of publication, Bitcoin price was $101,033, down 4.3% in the past 24 hours.
The majority of today’s liquidations hit long traders, with Ethereum having the highest liquidation total at $655 million, followed by Bitcoin liquidations at $615 million and Solana liquidations at $123 million.
Today’s crypto market decline coincides with stock market woes, leaving investors wondering whether AI-related stock valuations are overstated.
The S&P 500 fell 1.17% to 6,771, the Nasdaq fell 2.04% to 23,348 and the Dow fell 0.53% to 47,085.
