Bitcoin experienced a significant drop today, with its price hitting an intraday low of $92,584, which marked a substantial decrease from its previous value of $98,000. This decline represents a 4.6% drop against the U.S. dollar.
The sudden price downturn led to $551 million disappearing in liquidations, primarily impacting long positions. Among these, $118 million worth of long positions were wiped out because of the price instability.
The event highlights the volatile nature of cryptocurrency markets, where rapid fluctuations can result in heavy financial losses.
