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Bitcoin (BTC) suffered a significant setback on Thursday, plummeting over $3,000 in a matter of hours. The sharp decline, which followed a recent rally fueled by inflows into US Bitcoin ETFs, sent shockwaves through the crypto market.
The cryptocurrency’s failure to break its all-time high triggered a massive sell-off, dragging down the broader market. Ethereum (ETH) and Solana (SOL) both fell by 5%, while Dogecoin (DOGE) and Shiba Inu (SHIB) dropped by over 7% and 6%, respectively.
The sudden price drop has led to a wave of liquidations, with over 90,000 traders losing a combined $280 million in the past 24 hours. The largest single liquidation on Binance exceeded $11 million.
The total cryptocurrency market capitalization has declined by approximately $100 billion, underscoring the market’s volatility and the potential risks associated with leveraged trading.