Bitcoin Plummets Again – Drops Below $93,000, Heres Why and What You Need to Know

Selling pressure, which dominated the cryptocurrency market throughout the day, caused Bitcoin to plummet again in the evening. The price fell below $93,000 for the first time in a long time, dropping to $92,602.

In the last 24 hours, a total of $689.8 million worth of positions were liquidated, $348.7 million of which were long and $341 million were short positions.

The market decline was driven by a pullback in US stocks and a weakening likelihood of a Fed interest rate cut in December. This decline in risk appetite also negatively impacted the crypto market.

Chart showing the decline in BTC price.

With the recent decline, leveraged positions suffered huge losses:

• Total liquidation in 1 hour: $66.2 million
• Total 4-hour liquidation: $360.9 million
• 12-hour total liquidation: $439.1 million
• Total 24-hour liquidation: $689.8 million

Especially in the last 4 hours, it can be seen that both long and short positions were crushed together.

The decline rates in altcoins in the last hour were as follows:

• Ethereum (ETH) – 1.91%
• XRP (XRP) – 2.23%
• BNB (BNB) – 0.81%
• Solana (SOL) – 2.18%
• Tron (TRX) – 0.51%
• Dogecoin (DOGE) – 2.43%
• Cardano (ADA) – 2.17%