Bitcoin plunges to three-month low as market volatility triggers $1.3 billion in liquidations

Bitcoin’s price slipped below $90,000 in the past 24 hours, reaching a level last seen in mid-November 2024.

According to CryptoSlate data, the flagship digital asset fell by over 6% during this period, hitting a low of $88,273. This marks the asset’s lowest point this year and a three-month low.

The market downturn extended to other major digital assets, including Ethereum, BNB, Solana, Cardano, and XRP, all of which experienced declines of between 5% and 13%.

The broader crypto market fell by approximately 8% in the past day, dropping from over $3.31 trillion to around $2.9 trillion.

The market’s volatility triggered significant liquidations totaling $1.3 billion over the last 24 hours.

This affected more than 362,000 traders, with long traders who bet on price increases losing a massive $1.2 billion. In contrast, short traders who expected further declines lost $97 million.

Bitcoin traders were hit hardest, suffering losses of $523 million. Ethereum traders saw losses amounting to $292 million, while Solana and XRP traders faced losses of $111 million and $56 million, respectively.

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