Bitcoin experienced a sharp decline, dropping below $115,000 for the first time in nearly two weeks after briefly flirting with the $120,000 mark.
Bitcoin’s Descent
Just a day after flirting with the $120,000 mark, bitcoin ( BTC) experienced a swift descent, plummeting below $115,000 — a level not seen in nearly two weeks. Bitstamp data painted a picture of the volatility, showing the flagship cryptocurrency briefly nose-diving to $114,518 at 2:45 a.m. EDT on July 25. While BTC managed to stage a recovery and initially seemed to find a tenuous foothold just above $115,000, it later showed renewed strength, climbing back to $116,000.
However, BTC’s approximately 2% dip in the top cryptocurrency over 24 hours triggered the liquidation of over $140 million in long positions. Coinglass data revealed that liquidated bitcoin ( BTC) long positions alone constituted nearly half of the $382 million in total long positions that were obliterated within a 24-hour window.
XRP’s Continued Struggles
Meanwhile, XRP, having already stumbled from its recent all-time high of $3.40, seemingly continued its freefall. The digital asset briefly breached the critical $3.00 psychological barrier before a modest rebound saw it clamber back to trade above $3.12. This decline for XRP triggered a fresh wave of despair for traders, with over $16.45 million in long positions being liquidated within 24 hours. Since July 21, XRP has now shed more than 10% of its value, making it one of the most significant droppers in the past seven days.
The story was similar solana, which declined by 2.8%, while DOGE was down 2.3% during the same window. Ethereum ( ETH), on the other hand, was up nearly 2% while BNB, which recently hit a new all-time high of $808, was up by 0.9% making it one of the few outliers.
At the time of writing, Coinglass data from 5:00 a.m. on July 25 indicated that some 142,437 traders had been liquidated in the past 24 hours, with total liquidations reaching $531.69 million. Liquidated long positions accounted for just over 70% ($382.88 million) of all wiped-out positions.