Bitcoin Price Falls Below $100,000 as Market Adjusts and Long Positions Liquidated

On Thursday, Bitcoin, the leading cryptocurrency, experienced a significant drop in price, falling below the $100,000 threshold. After reaching a record high of $103,679, Bitcoin was trading at $98,969 at the time of writing, indicating a sharp decline from its recent peak.

This abrupt price change resulted in the liquidation of Bitcoin futures positions worth nearly $199 million over the past 24 hours, as reported by CoinGlass. The liquidations included around $127 million in short positions, which are bets against Bitcoin, and about $72 million in long positions, which are investments that anticipate a rise in Bitcoin's price.

In a particularly turbulent hour, approximately $23 million in long positions were liquidated. Overall, the entire cryptocurrency market witnessed about $611 million in liquidated positions in just one day.

Despite this downward trend, Bitcoin remains approximately 4% higher over the last week and has seen a 41% increase in the past month. The recent surge in the cryptocurrency's price has been commonly linked to political events, particularly Donald Trump's re-election as the President of the United States. He has made several pro-crypto promises, which his supporters believe have contributed to the cryptocurrency's rise.

In a post on his platform, Truth Social, Trump congratulated Bitcoin investors, stating, “Congratulations Bitcoiners. $100,000!!! You’re welcome!!! Together, we will make America great again!” This illustrates the perception that political developments can significantly influence the crypto market.

Bitcoin, Market, Liquidation