key points
On Thursday night, over 200,000 crypto traders liquidated over $815 million in long positions – trades betting on the coin's price to rise. Dollar BTC soared to $103,000, and a few hours later, $90,000. It fell below $3,000 and then recovered to $97,000.
Bitcoin reached an incredible milestone on Thursday, breaking the $100,000 mark and surging to a high of $103,000, just hours after the world's largest cryptocurrency by market capitalization was leaked. , which caused over $1 billion in liquidations across the Cryptocurrency Commission.
According to CoinGlass data, liquidations amounted to $1.1 billion between Wednesday night and Thursday night, including long positions worth more than $815 million.
Traders hit hard as $BTC plummets
At one point on Thursday, Bitcoin fell below $93,000, wiping out about $10,000 in price gains. The digital coin's downtrend resulted in the liquidation of 209,431 crypto traders, with the largest single liquidation order worth $18.94 million.
The total losses after the Bitcoin crash reached $1.1 billion from the night of December 4, 2024 to December 5, 2024.
OKX traders took the biggest brunt of the overnight debacle, with long rekt positions worth more than $268 million. Binance traders were next, losing a total of $123.3 million in the BTC crash.
The world's top digital asset is currently trading around $97,000 to $98,000, still about $5,000 off its spike earlier in the day.
Bitcoin price on the night of December 5, 2024 CoinGecko
Bitcoin makes history
The significant losses occurred after Bitcoin reached $100,000 for the first time since its launch. This milestone also pushed Bitcoin's market capitalization to over $2 trillion, making it the first virtual currency to rank among the world's largest companies by market capitalization.
Congratulations led by the X crypto community filled social media. Prominent leaders hosted the space and live video to discuss the developments that have put cryptocurrencies in an unprecedented position since they were introduced to the world through Satoshi Nakamoto's white paper in 2008.
Crypto Begins Trek on Recovery Road
As Bitcoin plummeted, many cryptocurrencies followed suit, but while BTC has struggled to regain $100,000, some top altcoins such as XRP, Solana (SOL), and Binance's BNB have He is slowly making progress towards recovery.
Highest cryptocurrency price on the night of December 5, 2024 CoinGecko
Meme coins are also rising, with some outperforming Bitcoin and other major alternative coins in the past 24 hours. Among the better players were Peanut the Squirrel (PNUT) and Dogwif Hut (WIF).
Top meme coin prices on the night of December 5, 2024 CoinGecko
sentiment remains high
Despite the sudden plunge in BTC immediately after the glorious feat, cryptocurrency users remain optimistic, hoping that the digital currency will recover soon and hopefully hold the $100,000 line for the next surge. are.
Bitcoin's rise to $100,000 was as surprising as its sudden collapse. Many analysts had already predicted that BTC would rise only after a sharp rally after the 2024 US elections, but the month's move came as a surprise to many as it was difficult to predict 'when'. .
BTC may have shocked the world with its volatile ups and downs the previous day, but its long-term chart remains green. It's up nearly 40% in the past 30 days and is still up 120% in the past year.
