Bitcoin fell below $92,000 as 24-hour liquidations reached $1 billion.

By Crypto Gloom On Dec 6, 2024

Key Takeaways

The price of Bitcoin fell below $92,000, resulting in more than $1 billion being liquidated within 24 hours.
Bitcoin fell 10% from its all-time high before quickly recovering to $96,500.

Bitcoin briefly fell below $92,000 today, plunging more than 10% from the all-time high of $104,000 it reached on Wednesday.

The sudden drop led to more than $1 billion in liquidations across cryptocurrency markets in less than 24 hours, with about $810 million flowing into long positions, according to data from CoinGlass.

Despite the volatility, the price of Bitcoin quickly rebounded and was trading at $96,500 at press time. The rapid recovery suggests strong underlying demand even amid heightened market uncertainty.

Interestingly, while altcoins have seen some decline while Bitcoin has been falling, the broader cryptocurrency market has shown notable resilience.

Major tokens like Solana recovered to $237, Ethereum $3,780, and Dogecoin recovered to $0.42, quickly rebounding after the plunge and stabilizing alongside Bitcoin.