Bitcoin experienced a sharp decline, dropping below $95,000 after a robust start to December. This plunge led to a widespread sell-off among big cap cryptocurrencies, resulting in losses exceeding 10% within the last 24 hours, as per CoinGecko data.
The downturn resulted in the liquidation of over $1.5 billion in long positions. Furthermore, data from Coinglass revealed that approximately $185 million in short positions were also liquidated.
This significant market movement contributed to the destabilization of the cryptocurrency sector, underscoring the volatile nature of digital currencies.