Crypto Market Liquidation Shoots $1.7B amid Bitcoin and Altcoins Crash

Core Insights - A significant sell-off has occurred in the crypto market, resulting in over $1.7 billion in liquidations, with Bitcoin's price dropping below $113,000 and predictions of further declines ahead [1][2][3] Market Overview - The broader crypto market has experienced $1.61 billion in long liquidations, with Bitcoin down 2.62% to $112,799, leading to a loss of over $80 billion in market capitalization [2] - Daily trading volume surged by 70% to $43 billion, indicating strong selling pressure [2] Bitcoin Analysis - Market experts suggest this may be the onset of a broader correction for Bitcoin and altcoins, with over $2 billion in long liquidations expected between the $106,000 and $108,000 range [3] - Analyst Captain Faibik warns of a potential bearish wave for Bitcoin, predicting a drop towards the $100,000 level, despite some market predictions suggesting a rally to $125,000 [4] Altcoin Performance - Altcoins have experienced a more severe crash, with Ethereum leading in liquidations at $483 million compared to Bitcoin's $276 million [5] - Ethereum's price has fallen by 15% from its all-time high, currently trading under $4,200 [5] - Binance's BNB Coin, despite touching an all-time high of $1,088, is down 4.55% but remains above the $1,000 threshold [6] - Dogecoin has seen the steepest decline, dropping 10.79% and trading under $0.24, although it remains on investors' radar due to rising demand for a spot Dogecoin ETF [6]