Bitcoin briefly plunged to $113,547 on Thursday before recovering slightly, leaving traders reeling and liquidations piling up across the crypto market.
Bitcoin tumbled 3.2% today to a daily low of $113,547, before bouncing back to $113,820 by afternoon trading. The drop dragged its market capitalization down to $2.26 trillion, while the leading crypto is now down 2.1% against the U.S. dollar over the past week. The broader digital asset market also took a hit, triggering a wave of forced liquidations on derivatives exchanges totaling $863.61 million.
Of that figure, $215.83 million stemmed from bitcoin long positions, while $255 million was tied to ethereum longs. The cascade of liquidations reflects heightened volatility across major trading pairs, especially for overleveraged positions caught off guard by the sudden downturn. While some traders are buying the dip, others are watching for further downside pressure. Despite the rebound from today’s low, uncertainty lingers as traders reassess positioning amid mounting macroeconomic jitters and shifting investor sentiment across the crypto economy.