Bitcoin (BTC) saw a sharp decline in its value shortly after the US stock markets commenced trading.
Bitcoin’s Price Plummets Right After US Market Opening
Analysts suggest that this sudden downturn may be connected to withdrawals from Bitcoin spot ETFs. The surge in selling activity at the beginning of the US trading session contributed to heightened short-term volatility.
At present, Bitcoin is priced at $86,998. It has dropped by 2.18% over the past 90 minutes and decreased by 1.64% within the last day, resulting in a market capitalization of approximately $1.73 trillion.
The recent dip in Bitcoin’s price triggered substantial liquidations across derivatives markets as well. In total, positions worth $243 million were liquidated over the previous 24 hours; among these, long positions accounted for $155.5 million while short positions made up $87.8 million.
Breaking down by asset type reveals that Bitcoin experienced the largest liquidation volume at $106.6 million, followed by Ethereum with $40.1 million and Solana with about $17.4 million being liquidated.
The broader cryptocurrency market displayed relatively modest losses and maintained a sideways movement during this period of instability.
Ethereum is currently trading near $2,916 while other prominent altcoins such as BNB, XRP, and Solana have seen intraday declines ranging between one to two percent.
*Please note: This content does not constitute financial advice or recommendations for investment decisions.