The cryptocurrency market has faced a major dip, with Bitcoin (BTC) touching the $86,000 mark. This recent decline has sparked panic across social media platforms, as traders watch closely for further volatility. As of the latest data, Bitcoin is priced at $88,275.05, marking a 1.67% drop in the past 24 hours.
Bitcoin’s price performance saw a daily low of $86,000.23 and a high of $89,557.54, with the asset still maintaining an impressive all-time high of $109,114.88 reached just one month ago, on January 20, 2025.
Market Turmoil and Liquidations
The drop in Bitcoin’s value has led to a surge in liquidations across the market. In total, nearly $1.5 billion in value was wiped out across the cryptocurrency markets within the past 24 hours. According to recent data on Coinglass, among the liquidations, Bitcoin was hit the hardest, contributing $337.00 million, followed by Ethereum (ETH) at $77.86 million, and Solana (SOL) with $26.58 million. Other smaller altcoins, including XRP, also experienced significant sell-offs.
XRP, currently priced at $2.28, saw a 3.55% surge in the past day. Crypto investors are grappling with the current market uncertainty, as further price movements remain unpredictable. Experts suggest that the ongoing volatility may continue as traders react to fluctuations in sentiment and regulatory news.
Popular analyst Michael Van De Poppe wrote, “#Bitcoin price reached $83-87K. Today is important. If #Bitcoin can close north of $87K and most of the #Altcoins can close green, that’s a good first step. Again, max peak in negative sentiment where I’ve received a lot of ‘panic’ messages is usually a great sign.”
