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Over $630 million in crypto positions liquidated in 24 hours, two-thirds being long bets.
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Bitcoin fell ~3% to slip under $112,000; Ethereum, Solana, Dogecoin, BNB all posted sharp losses.
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Gold continues its strong run, breaking above $4,300/oz, drawing fresh safe-haven demand.
In the last 24 hours, Bitcoin slid roughly 3%, pushing it below $112,000, as broader risk-off sentiment gripped markets. Ethereum fell about 4%, while Solana, Dogecoin, and BNB also endured double-digit percentage drawdowns. According to CoinGlass, total liquidations across leveraged crypto positions hit $630 million, with long positions making up about two-thirds of the wipeout.
Derivatives data showed futures open interest remaining somewhat stable, but funding rates turned more unfavorable to longs, signaling growing stress.
A perfect storm of macro and technical triggers appears to be behind the collapse. First, China’s retaliatory trade measures against U.S. firms stoked renewed concerns about geopolitical escalation, fueling a broader risk-asset unwind. Second, the crypto market was already fragile after last week’s historic $19 billion liquidation event, which cleared excess leverage and left many positions vulnerable to short squeezes.
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Bitcoin (BTC) saw ~ –3.92% decline in the last 24 hours and is trading around $106,440.94 at the time of reporting. According to Glassnode’s latest analysis, failure to reclaim the $117,100 level could trigger deeper price contractions. They noted that historical patterns show prolonged corrections often follow when Bitcoin fails to hold this technical zone.
As Bitcoin falters, altcoins tend to suffer deeper percentage losses due to lower liquidity and higher volatility. Ethereum (ETH) dropped down ~ –4.28%, trading near $3,986 levels. With mild declines, the structure hasn’t broken decisively yet but has dropped below that psychological $4000 levels. Mixed on-chain signals (inflows/outflows) could amplify volatility.
BNB’s sharp pullback hints at profit-taking or weakness in confidence after reaching new highs. Binance’s native token slipped ~11% from recent highs. It hit an intraday low near $1,151.50 before stabilizing closer to $1,180. The drop from ~$1,370 to ~$1,150 levels indicates that bulls are under pressure. Unless it reclaims key support or breaks above resistance convincingly, BNB may linger under pressure.
Solana’s relatively modest dip suggests it held up better amid the sell-off, possibly due to stronger fundamentals or less speculative leverage in its market. Analysts point to an upside potential if it can break above resistance zones near $238–$260. If bulls manage to push SOL above key resistance, momentum might accelerate. But failure to break could keep it rangebound or subject to pullbacks.
Dogecoin (DOGE) is under pressure, having dropped to about $0.19, its lowest since Oct 12, and is facing bearish patterns such as a potential “death cross.” The negative funding, falling open interest, and chart patterns suggest downside risk. If it breaks below ~$0.18, it may target lower support zones like $0.16.
Safe-haven action strengthens Gold
While crypto players were battered, gold surged past $4,300 per ounce, hitting fresh records and drawing renewed investor demand. HSBC recently raised its gold forecasts, pointing to ongoing safe-haven appeal amid global uncertainty. While gold’s stability is seeing investors flocking to the asset, Bitcoin, which is also known as Digital gold, is not finding favor among investors.
