Bitcoin faced another strong rejection at the six-figure level, sending its value plummeting to $94,000 on Monday afternoon.
Altcoins suffered a worse fall, with many other cryptocurrencies recording double-digit declines before recovering slightly.
Since yesterday, BTC has been moving away from the $100,000 level after surging above $101,000 on Sunday. Although it managed to break through the six-figure level, the rise was short-lived.
The announcement of a massive bitcoin purchase by MicroStrategy failed to support the price of BTC, which plummeted by around $6,000 in just a few hours. With that, it plunged to $94,000 for the first time since last week's big drop due to high leverage.
However, BTC managed to recover almost immediately and is now above $97,000. This massive volatility has had a negative impact on highly leveraged traders, with over 500,000 traders suffering huge losses in a single day. The total amount of positions liquidated reached $1.6 billion, according to CoinGlass.
Currently, BTC’s market cap has fallen to $1.930 trillion. The upside is that BTC’s dominance over altcoins has increased to 53%, as most altcoins have seen significant declines.
As mentioned, many altcoins have fallen more than BTC, although some have recovered from their lows on Monday night. Some of the biggest losses in a single day
Larger market caps such as ETH, SOL, and BNB have fallen by around 3-4%. XRP has also fallen below $2 before recovering slightly to $2.2, but is still down 7% in a single day.
The total crypto market cap has fallen from $3.9 trillion to below $3.6 trillion before stabilizing slightly above that level. This represents a loss of $300 billion in a single day.
