Market Update: Bitcoin flirting with the psychological $100,000 threshold
The correction in the crypto market is accelerating: total market capitalization fell 2.74% in the last 24 hours to $3.21 trillion.
The correction in the crypto market is accelerating: total market capitalization has fallen 2.74% over the last 24 hours to $3.21 trillion. Not just spot prices are taking hits, derivatives markets are feeling the impact too. In total, nearly $1 billion worth of positions were liquidated, with the vast majority ($879 million) being long positions. Investors who bet on rising prices took the hardest hits.
Bitcoin in the danger zone
Bitcoin briefly hovered uncomfortably close to the symbolic $100,000 mark, with an intraday drop of almost 5%. Bulls have since recovered and pushed the price back to $102,817, a net loss of a little over 2% in the last 24 hours. That still means more than an 8% drop from the all-time high set in late May.
Whale alert ahead of the dip
It looked like a sell-off was coming for days. Wednesday data from CryptoQuant showed 70% of Bitcoin whales moving their holdings toward exchanges – a classic precursor to rising selling pressure. The so-called Exchange Whale Ratio shot up, which historically often signals a decline.
Among altcoins, the reaction to the market correction is even more severe than for Bitcoin. Ethereum briefly slipped well under $2,400 but partially recovered. At the time of writing ETH is at $2,467, still a solid daily drop of nearly 6.5%.
Among the biggest losers are Lido (-12%), and the official Trump meme coin, which lost over 10% in 24 hours.
The trigger? An escalating View post on X between the US president and Elon Musk. Last night the two publicly clashed. Trump even threatened to pull government support for Musk's companies.
The impact wasn’t limited to crypto: the world’s richest man’s Tesla shares temporarily plunged more than 17% during after-hours trading.
