Bitcoin faced a sharp decline, with its value dropping below $94,000 early Monday. This sudden drop wiped out $3,000 overnight, causing significant turbulence in the global cryptocurrency market. Over the past 24 hours, approximately $271.22 million in crypto positions—both short and long—were liquidated. Such significant clearing of positions indicates a volatile and uncertain market environment, reflecting a broader shake-up in the crypto space. Notably, this also led to the resurgence of South Korea’s premium on Bitcoin as it marked a 2.1% drop against the U.S. dollar by December 23.
