Bitcoin and Altcoins See Sharp Declines—Here’s Why, Plus Liquidation Data

The cryptocurrency market saw renewed selling pressure today, with Bitcoin falling below $76,000. The largest cryptocurrency dropped to approximately $75,989, marking a daily loss exceeding 5%. Ethereum, Solana, and $XRP also felt the effects of the sell-off.

According to CoinGlass data, approximately $1.03 billion worth of leveraged positions were liquidated in the last 24 hours. Of this, $926 million consisted of long positions held by investors expecting a rise. The fact that liquidations reached $589 million in the last hour alone reveals the speed of the decline.

Approximately 199,000 investors closed their positions, with the largest single liquidation occurring in the ETH/USDT transaction on Binance. This transaction was recorded as being worth approximately $10.94 million.

The sell-off coincided with a period of disruption in global markets. Shares of AI and data center companies in the US fell sharply, with losses exceeding 4% on the Nasdaq. Financing for data center investments and potential construction restrictions following the elections increased pressure on technology stocks.

In altcoins, Ethereum fell to approximately $2,252, Solana to around $90, and $XRP to $1.24. Hyperliquid’s HYPE token experienced a daily drop exceeding 8%.

*This is not investment advice.