Crypto Market Plunges: $1.7 Billion Liquidated as Bitcoin Slides Below $112K
A wave of selling pressure swept through the cryptocurrency market today, triggering $1.7 billion in liquidations and sending Bitcoin below the $112,000 mark. Ethereum experienced critically important losses as well, with $483 million liquidated, while Bitcoin traders lost $276 million. The downturn is fueled by a combination of factors,including upcoming token unlocks and broader macroeconomic uncertainty.
The immediate catalyst for the crash is the anticipation of over $517 million worth of token unlocks scheduled over the next seven days, raising concerns about increased selling. Liquidations accelerated as prices fell, exacerbating the downward spiral. Despite the widespread losses, inflows into U.S. Bitcoin spot ETFs remain robust, with $163 million entering the market, indicating sustained institutional interest.
Bitcoin is currently facing a critical support test at the $112,000 level. A failure to hold this support could lead to further declines toward $108,000 or even $100,000. Conversely, reclaiming $117,000 could pave the way for another attempt to reach $123,000. Ethereum’s stability is being watched closely,with traders focusing on whether it can maintain its position above $4,000.
Analysts suggest that dips like these historically present long-term accumulation opportunities, particularly for established cryptocurrencies like Bitcoin, Ethereum, and Solana. However, traders are cautioned to remain aware of ongoing near-term volatility as the market processes the combined impact of liquidations and token unlocks.
(Source: Coinglass)
