Bitcoin's price experienced a sudden drop from over $102,000 to $97,640 in a flash crash that occurred within an hour. The precise reason behind this rapid selloff is still unclear, but it has resulted in a cumulative crypto market liquidation amounting to $649 million in the past day.
Despite the negative market sentiment caused by this abrupt decline, the aggregate cryptocurrency market capitalization has still managed to maintain a substantial 54% increase. This resilience indicates that investors may still hold a positive long-term outlook on the market.
