Bitcoin plunges below $92K as liquidations top $490M

Bitcoin fell below $92,000 on Wednesday morning, triggering over $490 million in liquidations in the past 24 hours, according to Coinglass data.

The drop follows a brief rally on Monday that saw BTC hit a weekly high near $95,000 before retracing on Tuesday and accelerating losses into Wednesday.

Long positions accounted for the bulk of the liquidations, totaling $374 million, while shorts contributed another $83 million. Bitcoin and Ethereum led the liquidation charts, with other majors also taking a hit.

Ethereum dropped from a weekly high near $3,300 to around $3,140. Solana fell from $143 to $136, and XRP registered one of the sharpest declines among large-cap tokens, sliding from $2.41 to $2.20.

Overall, the crypto market is down 1.5% over the past 24 hours, with most top assets trading in the red, according to CoinGecko data.